Latest News Israel

IEIC: India 2nd largest export market for Israel

Share |
Friday, September 3rd, 2010

As reported in Port2Port: Israeli exports to India in the first half of this year equaled USD 990 million, an increase of 102% in dollar terms compared to the same period last year. China rose to fifth place.
 
During the first half of 2010, India became Israel’s second-biggest export market from eighth; China climbed to 5th place, up from 11th place, in the first half of 2010, according to figures from the Export and International Cooperation Institute (IECI).
 
Israeli exports to India in the first half of this year equaled USD 990 million, an increase of 102% in dollar terms compared to the same period last year.
 
The reason was a 63% leap in exports by the mining, minerals and quarrying sector, which exported US$228 million worth of products – mostly fertilizer to India. One of the biggest exporters to India in this sector was Dead Sea Works, a subsidiary of Israel Chemicals. Electronics equipment (and warfare systems) exports to India also grew from less than US$10 million in the first half to US$160 million. Major exporters include ECI Telecom and Comverse, TowerJazz, Elbit Systems and Rafael. Exports to India of metals and metal products increased from US$21 million to US$130 million, an increase of 524%.
 
India and Israel have registered phenomenal growth in bilateral trade starting from USD 200 million in 1992 when diplomatic relations were established between the two countries and approaching USD 4 billion mark with still room for improvement.
 
Following in India’s footsteps, China too is expanding west into Israel. China rose to fifth place with exports to Israel of US$755 million, an increase of US$115 million in dollar terms, mainly because export of electronic components shot up 280% to US$268 million in the first half. But other sectors also found markets in China, including metal goods, medical devices, measurement equipment, computer systems and agricultural exports.
 
Meanwhile the United States’ share of Israeli exports shrank to 28 percent in the first half, compared with 33 percent in January-June 2009. Europe which has traditionally been a major target market for Israeli exporters, partly due to its relative physical proximity increased imports from Israel marginally – from 28% in the first half of 2009 to 31% this year.Turkey dropped from sixth to eighth place.