Israel’s Annual Exports Expected to Pass $100 Billion for First Time

By Sephardic News Jan 03, 2018 01:01 PM

Pictured Above: Israel's Haifa port. Credit: Zvi Roger - Haifa Municipality.

(Israel Hayom/Exclusive to JNS) Israel’s annual exports of goods and services are expected to exceed $100 billion for the first time when the final figures for 2017 come in, according to a preliminary report by the Israel Export and International Cooperation Institute as well as the country’s Economy and Industry Ministry.

The preliminary report stated that the exports of goods and services, excluding start-up technology and diamonds, increased to $92 billion in 2017, up 6 percent from 2016. Industrial exports, which comprise 85 percent of goods exported by Israel, rose 3 percent in 2017 to a total of $45 billion. Diamond exports for 2017 are expected to total $7 billion, a decrease of 7 percent from 2016, while agricultural exports are expected to reach $1.2 billion, a 2-percent increase.

According to the report, Israeli exports to the European Union increased by 20 percent in 2017. There was also a 7-percent increase in exports of high-tech services.

A total of 243 companies received assistance from Israel’s Economy and Industry Ministry in 2017, compared to 129 in 2016.

“Israeli exports have great importance to the economy. They are the engine that drives economic growth and the main source of steady employment,” Economy and Industry Minister Eli Cohen said on Tuesday.