Exports of goods and services are expected to total $67 billion in 2009.
For the first time since independence in 1948, Israel's exports are expected to fall in 2009 by about 17% in dollar terms. Exports of goods and services are expected to total $67 billion in 2009 compared with $80.4 billion last year, according to the Israel Export & International Cooperation Institute. The estimate is based on the influence of the global economic crisis on international trade and a drop in demand in the 20 main export destinations for Israeli goods and services.
This fall comes after exports doubled between 2003 and 2008 from $39.5 billion in 2002 to $80.4 billion in 2008.
Analysis of the Export Institute's figures also shows that the US surpassed Europe as the number one destination for Israeli exports in the 70s. In the 50s and 60s some 70% of Israeli exports were sold to Europe. Today 35% is sold to North America and 35% to Europe.
Asia has grown in significance for Israeli exports with 20% of goods sold there today compared with just 1% in the 50s.
Published by Globes [online], Israel business news - www.globes-online.com - on April 26, 2009
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