Israeli exports to the US fell 9% in May-June 2011 to $2 billion, and fell 7% compared with the corresponding months of 2010, the Israel Export and International Cooperation Institute reported today. The US is Israel's largest export target market.
Chemicals exports to the US fell 12% to $1 billion, and machinery and equipment exports fell 5% to $454 million, compared with the corresponding months of last year.
"The export figures to the US are worrying, and again demonstrate a slowdown in the global economic recovery, alongside erosion in the exchange rate, are also affecting Israeli exports," said Export Institute CEO Avi Hefetz. He said that the drop in exports to the US could continue into 2012.
Exports to Europe rose in May-June to 10%, compared with March-April, to $2.8 billion. Exports to Germany rose 11% to $337 million. Exports to Asia rose 1% to $1.4 billion.
Exports to the US amounted to 26% of total exports in May-June, down from 30% in the corresponding months of 2010, while Europe's share rose from 31% of total exports to 36%. Asia's share fell to 18% of total exports from 19%, and the rest of the world's share fell to 20% from 21%.
Published by Globes [online], Israel business news - www.globes-online.com - on August 3, 2011
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