Israeli exports increased by almost 70% in the past decade, and the country’s exports to the UK grew by 286% according to a report by Israel’s Foreign Trade Administration (FTA) published on Monday.
UK-Israel bilateral trade is worth a record $10 billion.
Israel’s exports of services and goods are forecast to break another annual record in 2019 as full-year revenues climb toward $114 billion.
The predicted export value represents a 4.5% increase compared to 2018, and some 68% higher than 2009, when Israeli exports totalled approximately $67.7 billion.
Over the past decade, exports have increased by an annual average of 5.3%.
The most impressive figure is the huge leap in the export of services from Israel, which constitutes a significant part of Israeli high-tech exports. Israeli services exports grew by 160% over the past decade, from $21.5 billion in 2009 to almost $56 billion in 2019. In the past year alone, services exports grew by 11.7%.
Export destinations have also changed significantly in recent years, with significant grown in the Asian and Latin American sectors.
Some of the markets to which Israeli exports grew significantly are China, which had a five-fold increase, Turkey, Brazil, Chile, Taiwan, and Japan. Israeli exports to China grew by 402%, to the United Kingdom by 286%, to Poland by 162%, to Turkey by 66%, to Brazil by 61% to Chile by 58%, to Taiwan by 38%, to Japan by 73%, to Peru by 44%, to the Netherlands by 42%, to Switzerland by 37% and to Australia by 34%.
Eli Cohen, Israeli Minister of Economy and Industry stated that “export data for the past decade is proof of the good economic situation of Israel’s economy”.
