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July 20, 2022 4:11 pm

Israel Exports to Grow 15% to Record $165 Billion in 2022

avatar by i24 News

People are seen walking in an outdoor market in Jerusalem, Dec. 27, 2020. Photo: Reuters / Ammar Awad.

i24 News – Israel’s exports are on track to hit a record $165 billion in 2022, up 15 percent from 2021, the Economy Ministry said on Wednesday.

Economy Minister Orna Barbivai attributed the rise from $143 billion last year — which was up 25 percent from 2020 — to opening more economic annexes globally that help exporters, as well as easing regulations for businesses and bringing foreign retailers to Israel.

Exports have risen sharply from $96 billion in 2016.

The ministry noted that much of the rise this year will come from services, such as transportation, tourism, and research and development from sales of start-up companies. Goods exports, it added, will rise due to growth in medical and optical equipment, chemicals, and diamonds.

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Israel’s main exports are cut and uncut diamonds, pearls, and other precious metals and stones (33 percent of total exports), according to Trading Economics.

Europe remains Israel’s largest trading partner with $37 billion of bilateral trade over the first half 2022, excluding diamonds, followed by Asia with $21 billion, data from the Central Bureau of Statistics showed.

The United States stayed as Israel’s largest partner by country at more than $10 billion over the first half of the year, followed by China at nearly $9 billion.

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