In 2017 global trade, which stagnated in the last few years, recorded a significant improvement. Overall in 2017, global trade leaped from a growth rate of 2.2% to an impressive 5.1%. This trend is expected to persist going forward, but at more moderate rates compared to 2017, amid concerns over the expanding protectionist US trade policy and aggravating trade wars. According to the IEI’s Economic Unit’s estimates, based on balance-of-payments calculations, during the first half of 2018, Israeli exports of goods and services grew by 8.5% in dollar terms compared with the corresponding period in 2017 and totalled USD 54.6 billion.
Exports of goods rose by 6% in dollar terms to USD 31 billion – mainly owing to the growth in exports of the industrial sector exports, mainly electronic components. Consistent with the trend of the last few years, exports of services, which is a significant driver of Israeli exports and of the Israeli economy overall, continued to grow at an accelerated rate. During the first half of 2018 services exports increased by 12% to a record $23.5 billion, primarily due to the continued accelerated growth in exports of high-tech services and in exports of tourism services.
In the first half of 2018, exports to the European Union remained high at USD 8.1 billion, accounting for 33% of total exports. Exports to the US fell by 11%. Total exports in the first half of 2018 amounted to USD 5.3 billion – 22% of total goods exports. Exports to Asia grew sharply by 31% from the corresponding period of 2017 and totalled USD 5.6 billion. As a result, Asia’s weight in Israeli exports grew substantially and at mid-2018 accounts for 23% of total exports – higher than the relative weight of the US.
For the full report see First half of 2018 | summary report