Israel’s exports of high technology services (excluding transfers overseas of intangible assets) fell by 1.8% in May 2022, in comparison with the previous month, to $4 billion, the Central Bureau of Statistics reports. The category includes drugs, computers, electronic instruments, aircraft, communications, software and other fields, and represents 74% of exports of business services.
The decline in May reflects the economic slowdown in destination countries, as inflation leads central banks to tighten financial conditions. Seasonally adjusted, exports of services from Israel (excluding transfers overseas of intangible assets) fell 3.8% in May to $7 billion. Transfers of intangible assets totaled $39 million.
Trend figures for high technology exports, however, show a moderate rise. In the first four months of this year, total services exports were 33% higher than in the corresponding period of 2021.
Israel’s exports of goods and services totaled $143 billion in 2021, an all-time record. Moreover, last year, for the first time, the value of services exports exceeded that of goods exports.
The Ministry of Economy and Industry estimates that 2022 will be another record year for Israeli exports, which it projects will reach $165 billion.
Published by Globes, Israel business news - en.globes.co.il - on July 27, 2022.
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