Industrial exports to the US, excluding diamonds, rose by 9% to $3.6 billion in the first quarter, the Israel Export and International Cooperation Institute reported today, based on an analysis by its planning, control and economic research department.
The Export Institute believes that growth in exports to the US was due primarily to expansion in the US economy, particularly in high tech.
The Export Institute predicts that industrial exports to the US will grow 4% to $15 billion in 2005, mostly as a result of economic recovery in the US, especially in high tech, and the Export Institute’s activities.
An analysis of the figures shows that high-tech exports to the US totaled $810 million in the first quarter, 5% more than in the first quarter of 2004. Pharmaceutical exports were up 9% to $284 million, and textile exports grew 2% to $143 million.
Exports of telecommunications equipment to the US rose 6.7% to $153.6 million, exports of medical and surgical devices were up 9.5% to $109.6 million, and exports of basic metals grew 34.7% to $694 million.
The Export Institute notes that chemical and refined oil exports to the US tumbled 27.5 to $153 million in the first quarter. Exports of rubber and plastics products were down 4.4% to $96.8 million.
The Export Institute also said that it was initiating and organizing widespread activity in the US this year, aimed at boosting Israeli exports to that country, and solidifying penetration by Israeli exporters in the Western Hemisphere. 150 exporters will take part in thirteen separate exhibitions around the US, and nine delegations with 90 exporters will visit the US for business meetings.
Published by Globes [online] - www.globes.co.il - on May 8, 2005