Israeli exports leap 70% during decade thanks largely to high-tech sector

Israel has found new partners to trade with during the past decade, such as Canada, Ukraine, Colombia, and South Korea.

By World Israel News Staff

New data released on Monday shows that Israel’s exports have soared by almost 70 percent over the past decade.

According to the country’s Foreign Trade Administration, Israel’s exports have increased by an annual average of 5.3 percent during the last decade. In 2019, Israel’s exports grew 4.5 percent year-over-year to $114 billion.

In 2017, Israel broke the $100 billion mark for the first time.

Commenting on the figures, the head of the Foreign Trade Administration Ohad Cohen said,“The data shows a leap in Israeli exports in the past decade – a leap that made a significant contribution to strengthening the Israeli economy, and strengthening Israeli industry and business.”

“We will continue over the next decade to promote Israeli exports, promote foreign investment and help Israeli exports and the Israeli economy to reach new heights,” he added.

Israel’s success over the past decade has mostly come from high-tech exports. This past year nearly half of Israel’s exports were high-tech compared to only a third in 2009. During the last decade, high-tech export revenues increased 160 percent from $21.5 billion to roughly $56 billion.

“The export data for the past decade is proof of the good health of the Israeli economy. Israeli exports are of great importance to the Israeli economy,” said Economy Minister Eli Cohen.  “It is the driver of economic growth and a central source of stable employment and economic and social prosperity.”

Israel has found new partners to trade with during the past decade, such as Canada, Ukraine, Colombia, and South Korea. According to the Jerusalem Post, Israel is in the process of trying to secure trade agreements with China, Russia, Vietnam, and Kazakhstan.