Despite Economic Headwinds, New Jersey-Israel Trade Increased 11% in 2022
JNS.org – Trade between the Garden State and the Jewish state, which is valued at $1.72 billion, was up 11% between 2021 and 2022, and was more than 9% higher than the average increase in trade between New Jersey and other nations during the same time frame.
That’s according to the New Jersey-Israel Commission, which parsed data released this week from the US Census Bureau.
New Jersey exports to Israel grew 8.5%, from $461 million in 2021 to $500 million in 2022, and its Israeli imports increased by 9%, from about $1.1 billion to $1.2 billion, according to the data.
That growth in exports to Israel came amid a substantial decline in exports to other countries; the COVID-19 pandemic, however, brought about changes that strengthened Israel’s and New Jersey’s relationship, Andrew Gross, executive director of the New Jersey-Israel Commission, told JNS.
Israeli technology executives moved from New York to New Jersey during the pandemic, according to Gross. “In foreseeing Israeli tech continuing to expand outward from Israel, they see New Jersey as one of the most convenient places,” he said.
The East Coast state’s “tremendous energy” promoting bilateral ties with Israel, including a new New Jersey business attraction office established last month in Tel Aviv, has played a role, he said.
Additional data shows sustained growth in trade, investment, job creation, and state exports between New Jersey and Israel.
In 2022, two new projects that originated in Israel were completed in New Jersey, valued at $41.9 million in capital expenditures, with an estimated creation of 215 jobs, per the commission.
“It is great to see this year’s economic statistics reflect the significant growth in Israel and New Jersey’s bilateral economic ties across all categories,” said Anat Katz, Israel’s economic minister to North America.
She added that “Israeli investment in New Jersey is making an impact on its economy and supporting job creation while providing a strong base and foundation for further growth in the United States for Israeli companies.”