Industrial exports to the United States, not including diamonds, grew about 10 percent to total $7.5 billion, led by a 55% leap in pharmaceutical exports, the Israel Export Institute said Wednesday.
Institute director-general Yehiel Assia attributed the growth primarily to the acceleration of economic growth in general, with growth predictions being updated upwards.
Continued recovery of the US economy, particularly in high-tech sectors, would boost non-diamond industrial exports to the US by another 9% to some $8.2b. in 2006, with help from the Export Institute, he predicted.
Wide-spread activities focusing on promoting exports of Israeli industry to the US are planned by the institute for the year, including a series of 12 exhibitions throughout the US, with the participation of about 150 exporting manufacturers, as well as 13 delegations for business meetings, counting some 170 exporters, the institute said.
In 2005, high-tech industrial exports to the US rose 18% to total $3.8b. Exports of medications grew 54.7% to $1.5b. and exports of telecommunications equipment grew 12.3% to $745 million. Israel also exported 1.3% more in textile products, clothing and footwear, which were valued at $565m. in 2005, 3.6% more medical and surgical equipment, totalling $482m. and $428m. worth of metal products, 29.3% more than in 2004.
US-bound exports of electronics components, on the other hand, fell 28% to $287m., while exports of chemical and oil refinery products receded 22.7% to $748m. and exports of rubber and plastics slipped 1.5% to $389m.