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Belgium’s July Polished Trade Slides on Weak Far East Demand
Aug 20, 2015 6:32 AM
By Rapaport News
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RAPAPORT... Belgium’s polished exports fell 13 percent year on year to $1.2 billion as data published by the Antwerp World Diamond Centre (AWDC) indicated steady U.S. but lagging Far East demand.
Polished exports to the U.S. rose 2 percent to $436 million and to Switzerland by 36 percent to $88 million, but fell to all other destinations. Belgium’s polished exports to Israel slumped 20 percent to $121.8 million, while exports to India slid 31 percent to $52.7 million. Belgium’s polished exports to Hong Kong decreased 22 percent to $213 million.
Total polished imports declined 1 percent to $1.01 billion during the month, with imports from India down 23 percent to $124.7 million and from Israel contracting by 20 percent to $101.3 million. Imports from Hong Kong, meanwhile, jumped 52 percent to $249.7 million during the month, despite Hong Kong traditionally being a consumer of polished diamonds.
Belgium’s net polished exports, representing exports minus imports, dropped 48 percent to $183.3 million.
Rough imports slumped 36 percent to $779.1 million, while rough exports fell 43 percent to $1.03 billion during July. Belgium’s net rough imports, which is the excess of imports over exports, improved to negative $246 million from negative $572 million a year earlier.
Belgium’s July net diamond account, representing total polished and rough exports minus tough imports, fell 54 percent to $429 million.
During the first seven months of the year, Belgium’s polished exports declined 5 percent to $8.49 billion, while polished imports slid 3 percent to $8.15 billion. Net polished exports dropped 34 percent to $345 million.
Rough imports fell 21 percent to $7.13 billion, while rough exports decreased 25 percent to $7.42 billion. Net rough exports improved 66 percent to negative $287.9 million from negative $854.2 million the previous year.
Belgium’s net diamond account for the seven month period fell 54 percent to $632.8 million.
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Tags:
Antwerp, Rapaport News
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