What Is Behind the Rise in Israeli Exports?

(JNS) David Isaac - Ohad Cohen, director of the Foreign Trade Administration at Israel's Economy Ministry, discussed the rise in Israeli exports with JNS, noting that "The average growth of Israeli exports in the last decade was about 5-6%." Driving export growth are software and R&D. "If you look back to 2015, software exports from Israel were about 12% of the overall exports. Six years later, in 2021, it's 24%." "There are so many high-tech companies that do not produce products, but rather technologies - applications, web services, etc. - and that's dominating Israeli exports today." Cohen also noted that Israeli industry is not dependent on manufacturing and so didn't suffer from the supply-chain problems that have plagued other countries. Arie Reich, vice rector at Bar-Ilan University and an expert on international trade law, said Covid-19 likely gave a boost to Israel's service exports, noting that the pandemic led to a rise in e-commerce, as well as financial technology (fintech). "All that financial activity attracts hackers, which in turn creates a greater demand for information security," in which many Israeli companies specialize.

2022-01-20 00:00:00

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