Israeli exports to Turkey in 2011 equaled exports to Germany, according to an analysis by Meitav Investment House Ltd. of Central Bureau of Statistics data, which show that exports to Turkey totaled $1.85 billion in 2011, 42% more than in 2010.
"The deterioration in diplomatic relations with Turkey has not affected exports," says Meitav. "In the past year, exports to Turkey rose so much that they equal exports to Germany." Israeli exports to Germany totaled $1.94 billion in 2011.
Israeli exports to Turkey totaled $132.1 million in December 2011, 51% more than in the corresponding month.
Israeli imports Turkey rose 20.6% from 2010 to $2.1 billion in 2011, resulting in a trade deficit of $321 million.
Meitav also noted a change in the mix of exports to the EU, which is Israel's largest market, supplanting the US. "Whereas the US was Israel's largest export market in 2010, the EU (the 27 EU member states; not the 17 countries that make up the Eurozone) rose to first place, accounting for a third of Israeli export of goods. The change occurred because exports to the US fell by 2% a year in the past two years, while exports to the EU rose by 20% a year, despite the shekel's appreciation against the euro since 2009."
The UK, the Netherlands, and Germany are Israel's top exports destinations in the EU. Exports to the UK rose 53% to $10 billion. Exports to China tripled in 2010-11 to 6% of total exports in 2011 from 2% in 2009, reaching $237 million last year.
Israeli exports to Egypt and Jordan rose 26% in 2011.
Published by Globes [online], Israel business news - www.globes-online.com - on January 22, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012