Exports rose in the 3rd Quarter by 4.6% and expected to amount to $ 114 billion by the end of 2019

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by Ifi Reporter Category:Capital Market Nov 24, 2019

An analysis by the Ministry of Economy and Industry into data from the Central Bureau of Statistics on exports in the first three quarters of this year shows that despite concerns, Israeli exports are on track for another record year and are projected to reach $ 114 billion at the end of the year, compared with about $ 109 billion in 2018. Exports of Israeli goods and services totaled $ 84 billion at the end of the third quarter of 2019, an increase of 4.6% compared to the same period last year, at $ 80.3 billion.
The Foreign Trade Administration at the Ministry of Economy and Industry notes that the increase was mainly attributable to exports of services, which reached a record $ 40.5 billion in the first three quarters of the year - an impressive increase of 11.7% compared to the same period last year. The main growth is due to the high-tech industries - software services, computing and consulting in the field of computing and research and development services (including start-ups).
Exports of goods in the third quarter also increased by about 4.1%. However, it should be noted that during the first half of 2019 commodity exports fell relative to the same period last year, mainly in the diamond sector, which has affected the cumulative commodity export results since the beginning of the year. .
Looking geographically at exports of goods (excluding diamonds) in the first three quarters of the year, it can be seen that exports to Europe, and especially to the EU, increased by an impressive rate of 3.9% and 4.8% respectively. Much of the increase can be attributed to growth in exports to the UK, Spain, Poland and Belgium, which grew by 22%, 19%, 113% and 5% respectively. Also notable are the United States whose exports grew by about 2%, as well as exports to India, which grew by 9%, and exports to Brazil, which grew by 7% in the first three quarters of this year compared to the same period last year. In contrast, exports of goods (excluding diamonds) to Asian markets such as China, Japan, Vietnam and South Korea declined during this period.
Minister of Economy and Industry, Eli Cohen: "After 2018 marks a record year for Israeli exports, I am pleased and proud of the results of exports of goods and services in the first three quarters of the year, which are yet another record year for exports. These results are not taken for granted during a particularly turbulent period in the global economy in general. And in world trade in particular, these results prove that the Israeli economy is strong and that Israeli industry and services are able to cope with great success.
In global markets. The contribution of exports to GDP and economics is critical, and we at the Ministry of Economy and Industry, together with our partners at the Export Institute, will continue to help whatever is possible to increase exports and benefit the economy in Israel. "
Director of Foreign Trade Administration at the Ministry of Economy and Industry, Ohad Cohen: "The results of exports in the first three quarters of the year are important and encouraging, especially during this period characterized by global trade shake. Israeli companies face many challenges and fierce competition in global markets and therefore we in various foreign trade administrations operate Tools that help companies meet these challenges include trade agreements that provide preferential trading infrastructure, an array of economic adjuncts that help companies find business partners and create success stories, the aid funds that help companies with their marketing efforts, and their dual-use export control system. Allow companies to export in accordance with the relevant principles. We will continue to act to the benefit of exporters and in favor of the Israeli business community abroad. "

 

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