Upward trend in food industry turnover interrupted

Turnover in the food industry was 5 percent higher in July this year than in July last year. The upward trend of continuously increasing growth rates since January this year has thus temporarily come to a halt, according to an analysis by our editors of figures recently published by the CBS. 

The increase in turnover in the food industry was considerably lower in July than in June, when growth was 11.4 percent. The decline in growth in July is mainly caused by limited growth in domestic turnover (+4.3 percent in July versus +12.8 percent in June). Exports grew by 5.7 percent in July. As a result of these developments, the total turnover of the food industry in the first seven months of this year is 2.6 percent higher than in the same period last year.

Bankruptcy rate heading for record low

If the current trend continues, the number of bankruptcies in the food industry looks set to reach a record low this year. In the period January-August 11 companies went bankrupt so far, compared to 20 in 2020 and an average of 46 in the non-corona period 2009-2019. More than half of the bankruptcies this year were in the bread and pasta industry (6).