$160 Billion: Israeli Exports Set to Hit Record in 2022

0 Billion: Israeli Exports Set to Hit Record in 2022

It is the second year in a row in which Israeli exports reached a new high, and marks a 10% increase from the previous record of $144 billion in 2021.

By Algemeiner Staff

Israeli exports of goods and services are expected to total at least 160 billion dollars in 2022, the country’s Foreign Trade Administration announced Sunday, citing a “conservative” estimate.

It is the second year in a row in which Israeli exports reached a new high, and marks a 10% increase from the previous record of $144 billion in 2021.

Services — led by programming and followed by research and development — are expected to make up 51% of all Israeli exports in 2022, while goods will account for the remaining 49%.

Significant growth was particularly seen in the export of goods including chemicals and chemical industry products (55%+), diamonds (41%+), and electronic and mechanical equipment (18%+).

Exports mainly headed to the European, American, and Asian markets, with the former accounting for 38% of the total, and the latter two for 35% and 24%, respectively.

Increases in exports were recorded to various markets, including the United States (19%+), the United Kingdom (113%+), Ireland (115%+), Brazil (90%+), India (39%+), Canada (95%+), Singapore (85%+), Hong Kong (24%+), Turkey (17%+), France (22%+), and the Philippines (181%+).

“Despite the shocks experienced by the global economy in 2022 and the preceding Covid-19 years and the consequences of various world events, Israeli exports succeed in meeting the challenges facing them,” stated Ohad Cohen, head of the Ministry of Economy and Industry and director of the Foreign Trade Administration.

The Ministry, he added, “will continue to help Israeli companies expand their existing global activities, alongside breaking into new markets through the establishment of trade agreements with new partners and strengthening and developing relations with existing partners.”