Jerusalem July 20 2022: Israeli exports are on track to hit a record $165 billion in 2022, up 15% from 2021, the Economy Ministry said on Wednesday.
Economy Minister Orna Barbivai attributed the rise from $143 billion last year – which was up 25% from 2020 – to opening more economic annexes globally that help exporters, as well as easing regulations for businesses and bringing foreign retailers to Israel.
Exports have risen sharply from $96 billion in 2016.
The ministry noted that much of the rise this year will come from services, such as in transportation, tourism and R&D from sales of start-up companies. Goods exports, it added, look to rise due to growth in medical and optical equipment, chemicals and diamonds.
Europe remains Israel’s largest trading partner with $37 billion of bilateral trade over the first half 2022, excluding diamonds, followed by Asia with $21 billion, data from the Central Bureau of Statistics showed. The United States stayed as Israel’s largest partner by country at more than $10 billion over the first half of the year, followed by China at nearly $9 billion.
