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.

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.