According to a preliminary report by the Israel Export and International Cooperation Institute (IEICI), exports of goods and services have increased by 5% in Dollar terms compared to 2016. For the very first time, Israeli exports are expected to pass $100 billion. Total exports of goods and services, excluding startups and diamonds, were up 6% to $92 billion. While industrial and agricultural exports have increased compared to last year, the export of diamonds has decreased by 7%.
Following years of decline, and after reaching their lowest point in six years in 2016, exports of goods to the European Union (EU) grew 20% to $16 billion in 2017, and accounted for 35% of Israel’s total exports of goods last year. The main factor in the increase was the economic recovery in these countries. Exports of drugs, which account for a quarter of all exports of goods to the EU, greatly contributed to the increase in exports to this region. Even when drugs are excluded, however, exports of goods to the EU increased substantially, led by chemicals and aircraft.
Ministry of the Economy and Industry Eli Cohen said, “The government set a target of $100 billion for exports in 2020, and it is believed that this target has now been achieved in 2017, thanks to joint action by exporters, the Export Institute, and the Ministry of the Economy and Industry.”