The Foreign Trade Administration at Israel’s Ministry of Economy and Industry said the country can export yet another record year for the total value of its exports, the second in a row. Israel’s exports are expected to cross the $160 billion mark in 2022 – an increase of over 10% compared to 2021.
Here is the breakdown:
Second record year in a row in the volume of Israeli exports – an increase of over 10% compared to last year, the previous record year.
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Growth in both the export of services and the export of goods.
The export of services surpasses, again this year, the export of goods, alongside a continued significant increase in the export of services and goods.
The leading sectors in the export of goods are mechanization and electrical and mechanical instruments, products of the chemical and pharmaceutical industries, and optical and medical equipment.
The leading export destination countries: USA, UK, China, India, Ireland and the Netherlands.
The export of goods and services from Israel will amount to at least 160 billion dollars in 2022, this is based on a conservative forecast of the Foreign Trade Administration in the Ministry of Economy and Industry.
The Foreign Trade Administration notes that this is a significant increase of at least 10% compared to the year 2021, in which exports totaled approximately 144 billion dollars, a figure that was also a record for its time. According to cautious estimates, the administration expects that if the rate of growth in Israeli exports is maintained as it was in the first three quarters of 2022, exports will even exceed the $165 billion mark.
Minister of Economy and Industry Orna Barbivai said, “The Israeli economy, also this year, maintained stability and growth, thus enabling Israeli industry to meet a variety of challenges, including breaking a new record in exports. The support and assistance system of the Foreign Trade Administration, which operates in 55 world trade centers, will continue to lead Israeli industry in the coming year to promote exports, break into new markets and attract foreign investments to Israel.”
The administration also notes that in 2022 the trend that began in 2021 continued, where for the first time, the export of services exceeded the export of goods. So that even in 2022, the scope of services is expected to constitute about 51% of all Israeli exports compared to 49% for the export of goods. Programming services and research and development services continue to lead the list of most exported services, with 42% and 14% respectively.
Also in the goods sector the volume of goods exports from Israel for 2022 is also expected to increase significantly by about 15% compared to 2021. The significant increase in the goods sector was recorded in the export of chemicals and chemical industry products (+55%), diamonds (+41%), and electrical and mechanical equipment (+18%). Apart from these sectors, there was an increase in the export of most goods and sectors.
From a geographical point of view, it can be seen that in 2022 the majority of exports are directed to European, American and Asian markets.
Among the countries to which nominally impressive growth was recorded in the export of goods in 2022: USA (+19%), Great Britain (+113%), Ireland (+115%), Brazil (+90%), India (+39%); Canada (+95%), Singapore (+85%), Hong Kong (+24%), Turkey (+17%), France (+22%), the Philippines (+181%).