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Israeli Exports Rise 24% after 'Unprecedented' Recovery

28.09.21 23:00
Israeli exports of goods and services rose 24% in the first half of 2021 to $67.6 billion compared to the same period in 2020, the Economy and Industry Ministry said.
Exports grew 11% in the first quarter and an "unprecedented" 38% in the second quarter, the ministry said, JPOST (Jerusalem Post) reports. 
Exports for the full year are forecast to reach $135b., a 20% increase from 2020. That would achieve an objective the ministry had previously set for 2020, but missed due to the global economic crisis. "We are proud of the achievements of Israeli industry, the Foreign Trade Administration and our system of economic attachés around the world, which managed to create a rapid and unprecedented recovery in exports," said Ohad Cohen, director of the Foreign Trade Administration.
Despite the fact that trade was depressed in the second quarter of 2020, the level of growth is still quite impressive, given that the tourism services export market has not yet returned to normal due to travel restrictions, the ministry said.
Export of services grew by 30% in the first half of 2021, while goods exports rose 18%. Exports of services exceeded exports of goods for the first time ever, accounting for 51.4% of Israel's total exports, compared with 48.6% for exports of goods, due largely to increased hi-tech service exports. Exports of software and computing services and scientific R&D services, which constitute the core of Israeli's hi-tech industry, grew by 29% and 48%, respectively.
Exports of diamonds rose 111% percent, reversing a trend in recent years, with 40% of diamonds sold to European markets, 33% to American markets and about 25% to Asian markets.
"We are full of pride in Israeli industry, the business sector, the hi-tech sector and the technological entrepreneurs in Israel who prove time and time again that nothing can stop Israel's determination to break out and win," said Economy and Industry Minister Orna Barbivai.
"We will continue to work to remove barriers to trade, open doors to new markets for Israeli industry and provide professional support and guidance to companies interested in expanding their activities in existing markets or penetrating new markets."
Meanwhile, the Foreign Trade Administration said it reopened its financial assistance programs for overseas marketers, "Smart Money" and "Gateway to International Exports", which offer millions of shekels to help export companies penetrate global markets.

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