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Israel to focus more on exports to India, China and less on US, EU

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Saturday, September 3rd, 2011

As reported in Port 2 Port:

The figures show that Israeli manufacturers have been increasingly targeting the fast-growing markets of Asia, partly at the expense of the United States

Finance Minister Yuval Steinitz said at last week Cabinet meeting that Israel is working to safeguard its economy by focusing less on the United States and Europe markets and more on countries to the east and south.

Steinitz noted that “Over the past two years the Finance Ministry has led a change from Israeli exports to the United States and Europe in the direction of China, India and South America”. Steinitz added that “In the past year the number of exports to those countries has gone up by 20%, from 33% to 40%.”

Figures released in early August by the Ministry of Industry, Trade and Labor show that Israeli exports are changing direction, from west to east. The figures show that Israeli manufacturers have been increasingly targeting the fast-growing markets of Asia, partly at the expense of the United States.

Exports to Asia in general have increased, while, the United States’ share of Israeli exports has shrank. Europe has traditionally been a major target market for Israeli exporters, partly due to its relative physical proximity, certainly compared with North America.