oil barrels 88.
(photo credit: )
Israeli industrial exports to Arab countries, excluding diamonds, grew 29 percent to $233 million in 2005, the Israel Export Institute said Thursday.
"This year also shows potential for significant growth in exports to Arab countries," said David Arzi, Chairman of the IEI. "But that depends on the economic development of countries in the region."
The biggest growth came from exports to Egypt, an increase of 214% for the year to $93m., the big sellers being in chemicals, oil refinery products.
The IEI said that given the Qualified Industrial Zones (QIZ) agreement Israel has with Egypt, it sees great potential to build on the successes of last year in doing business in Egypt.
Meanwhile, exports to Jordan for the year dropped by 13% to $115.2m. The IEI explained that the fall-off came as a result of the effective diminishing of the QIZ agreement with Jordan resulting from a recent trade agreement Jordan signed with the US allowing for free trade between the two countries.
Elsewhere, the IEI said that 66 Israeli exporters were active in selling goods in Iraq, bringing total sales there to $5.7m. for the year, up 24% from 2004. The exports included security related products, consumer goods, freight goods, rubber and plastics, mining, quarrying and mineral materials.
Exports to Morocco rose 18% to $11.2m., while sales to Tunisia jumped 69% to $1.9m. in 2005.