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November 25, 2019 10:26 am

Led by High Tech, Israeli Exports to Hit Record of $114 Billion in 2019

avatar by Reuters and Algemeiner Staff

A high-tech park in Haifa, Israel. Photo: Zvi Roger / Wikimedia Commons.

Israel’s exports, a key economic growth driver, are expected to grow to a record $114 billion in 2019 from $109 billion last year, government data showed on Sunday.

According to the Central Bureau and Statistics and Economy Ministry, Israeli goods and services exports stood at $84 billion over the first nine months of the year, up 4.6 percent from January-September 2018.

The Economy Ministry said the increase this year stems mostly from a nearly 12-percent rise in services exports, with growth led by the high-tech sector such as software, computing and research and development services.

The gain in services has more than offset weakness in goods exports, which have been hurt this year by slowing global trade, a weak diamond market and a strong shekel currency.

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Exports comprise around 30 percent of Israel’s economic activity.

Overall, exports to the European Union — Israel’s largest trading partner — rose 4.8 percent this year, led by the UK, Spain, Poland and Belgium.

Exports to the United States — the largest export market by country — rose 2 percent while exports to India grew 9 percent. Exports to Asian markets including China and Japan fell this year.

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