Israel's exports continued to stagnate in the first quarter of 2014, according to figures the Israel Export and International Cooperation Institute released Wednesday.
In comparison with the same time period the previous year, Israel's non-diamond exports rose only 1% in dollar terms, led mostly by pharmaceutical and electronic components. Once those fields, dominated by two large companies (Teva and Intel), were removed from the picture, the remaining sectors registered a 2% drop.
Diamonds aside, Pharma, electronics and chemicals (dominated by Israel Chemicals) represent nearly half of all Israeli exports, and the dollar value of their exports grew 5%.
Of the $12 billion of exports in the quarter, $2.1 billion came from pharma (a 17% increase over the first quarter of 2013) and $1.1 billion came from electronic exports (a 7% increase over the first quarter of 2013). Chemical exports, on the other hand, fell 4% to $2.5 billion, the first drop after four straight quarters of growth. All the remaining sectors combined produced $6.3 billion of exports.