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Israel’s exports to Asia overtake exports to US for first time

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Thursday, March 22nd, 2012

As reported in Port2port:

The US share of Israeli exports had drastically declined as compared to the parallel period last year

The export research department of the Israel Export and International Cooperation Institute issued last week a report showing that Israel exports to Asia have for the first time surpassed export to the US.

Over the four-month period in question, October 2011 to January 2012, 21% of Israeli exports went to Asia, while exports to the U.S. made up only 20% of the total.

The Israel Export Institute reported that in the four months period, the US share of Israeli exports had drastically declined as compared to the parallel period last year. Exports to the US registered a 7% drop, from 27% to approximately 20%, or US$2.9 billion.

In contrast, Israel’s exports to the Asian market have seen healthy growth, with an increase of 9% over the same period, totaling US$3.1 billion. Some 35% of Israeli exports or US$5 billion go to European Union nations. However, as a stand-alone nation, the U.S. was by far, and remains, the single largest export market for Israel.