34% of exporters feeling effects of strong shekel

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May 7, 2013 15:56

 
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Feeling the effects of a strong shekel, 34% of Israeli exporters reported reduced exports, The Israel Manufacturers Association (IMA) said Wednesday.

The IMA also reported that 48% of exporters said their profits were dropping. A strong shekel makes Israeli products relatively more expensive on the world market, making it harder for exporters to sell.

The Bank of Israel intervened in the shekel market four times since early April, starting when the shekel dipped below 3.6 to the dollar for the first time. On Wednesday, the shekel closed even lower, at 3.56.

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