Israel's Exports Rise Sharply in 2022

(Globes) Danny Zaken - According to the Ministry of Economy and Industry's Foreign Trade Administration (FTA), Israel's exports of goods and services will amount to at least $160 billion in 2022, a new record and up more than 10% from last year. Beginning in 2021 and continuing in 2022, exports of services from Israel have outstripped exports of goods, mainly reflecting the sharp increase in exports of software and R&D services. There were also very significant increases in the exports of goods in chemicals and chemical industry products (+55%), diamonds (+41%), and electrical and mechanical equipment (+18%). Israel's exports to the U.S. grew by 19% in 2022, by 113% to the UK, by 115% to Ireland, by 90% to Brazil, by 39% to India, by 95% to Canada, by 85% to Singapore, by 24% to Hong Kong, by 17% to Turkey, by 22% to France, and by 181% to the Philippines. FTA Director General Ohad Cohen said, "The global economic crisis... has not harmed Israeli exports, since the composition of our exports is very diverse....Israeli exports are less dependent on supply chains that were severely affected by Covid."

2022-12-29 00:00:00

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