Exports fall as firms shift focus to Asia, Latin America
Amid flagging trade with the US and Europe, there was a noticeable spike in exports toward the BRIC countries.
ship imports exports [illustrative] Photo: Ariel Jerozolimski
The total value of Israel’s non-diamond exports reached $34.4 billion in the
first three quarters, a 4 percent decrease compared with the corresponding
period last year, the Israel Export Institute reported Wednesday.
flagging trade with the US and Europe, there was a noticeable spike in exports
toward the BRIC countries.
Sales to China (excluding Hong Kong and Macau)
rose 18% to $2.01b., sales to India rose 12% to $1.08b. and sales to Brazil rose
27% to $900 million.
Exports to Brazil were boosted by approximately 70%
growth in the sale of minerals to that market, reaching $345m., according to the
The United States remained by far Israel’s number one
export destination, despite a 12% drop in sales to $8.05b.
Turkey, Germany, Italy and France – all top-10 export destinations for Israel –
dropped by 25%, 18%, 15% and 11%, respectively. The Netherlands remained
Israel’s fourth-biggest export destination, with sales increasing 5% to
“The center of gravity of Israeli exportation continues to shift
from Europe toward the developing economies of Asia and South America,” Israel
Export Institute chairman Ramzi Gabai said. He called on the government to
expand funding for the marketing of Israeli products abroad and to provide more
guarantees for exporters that operate in risky destinations such as Europe.