Exports on course to hit record $114 billion this year, led by tech industry

24 November 2019, 6:58 pm

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Israel’s exports are projected to grow from $109 billion in 2018 to a record $114 billion this year, the Central Bureau of Statistics and the Economy Ministry say.

The Economy Ministry says the increase is mostly due to a 12 percent rise in the export of services, led by the tech industry.

Some 30% of Israel’s economic activity is composed of exports, Reuters reports.

“Overall, exports to the European Union — Israel’s largest trading partner — rose 4.8% this year, led by the UK, Spain, Poland and Belgium. Exports to the United States — the largest export market by country — rose 2% while exports to India grew 9%,” the report says. “Exports to Asian markets including China and Japan fell this year.”