Exports, excluding diamonds, to the US fell 2% in 2002, compared with 2001, amounting to $5.99 billion, the Israel Export Institute reported yesterday.
Imports from the US fell 10% in 2002, compared with 2002, amounting to $5.72 billion. 137 more Israeli companies exported goods the US, an increase of 2.4%, reaching 5,685, including diamond merchants.
The Export Institute stated the decline in exports to the US was mainly due to the slowdown in the US last year, especially in high-tech. High-tech exports to the US plunged 18.5% in 2002, compared with 2001, to $1.9 billion. Textile and clothing exports fell 3.2% to $545 million, rubber and plastic exports fell 6.7% to $308 million, and food products fell 8.6% to $64 million.
Exports of pharmaceuticals to the US rose an impressive 53.4% to $789 million, chemicals and refined oil products rose 9.4% to $701 million, machinery rose 4.5% to $382 million, wood and furniture and paper products rose 38% to $84 million, and mining and quarrying products rose 13.9% to $43 million.
Published by Globes [online] - www.globes.co.il - on March 5, 2003