Port2port News Service
Jan 11, 2012
However, the figures were disappointing in comparison to the Israeli industry's achievements in previous years.
The Israel Export and International Cooperation Institute (IEICI) released last week figures which point to an impressive 4.5% increase, compared to 2010, in Israeli global exports, totaling US$89 billion.
The IEICI noted that these were impressive figures considering the economic slowdown experienced by most of the world last year. The IEICI noted however that the figures were disappointing in comparison to the Israeli industry's achievements in previous years.
The export of services totaled some US$26 billion – up 6% from 2010, mainly due to a 35% rise in the export of software services. The export of diamonds totaled US$10.7 billion – a 20% rise.
High-tech exports totaled US$21 billion – up 6%; medicine exports amounted to US$7 billion – an 8% increase; the export of communication and medical equipment totaled US$8 billion – a 4.5% rise; and the export of electronics and computers amounted to US$4.5 billion – up 5% from 2010.
The export of chemicals and machinery totaled US$14 billion – up 18%, the export of minerals and plastic and metal products amounted to US$7.5 billion – a 13% increase.
Textile and food exports totaled some US$4 billion – an 8% rise stemming mainly from the rising prices of goods. Exports to the United States totaled US$12 billion, similar to 2010. Exports to Europe (including Russia and Turkey) amounted to US$18.5 billion – up 21% from the previous year due to the US dollar's appreciation against the euro and the ongoing growth in the northern part of the continent.
Exports to East Asia grew by 6%, totaling only US$9 billion. Israeli manufacturers often declare that Asia is their main export destination, but in the meantime exports to Asia still make up a very small part of Israeli exports. Exports to Latin America were up 3%, totaling US$2.5 billion.
Exports to Africa leaped by 25%, totaling US$1.5 billion. Exports to Arab countries (not including the Palestinian Authority) amounted to $3 billion – a 10% rise compared to 2010. Exports to the PA were similar.
Despite the encouraging figures for 2011, exporters are concerned about 2012. A forecast composed by IEICI economists points to a mere 1.5% increase in exports this year.