Israeli exports hit a record high of $110 billion in 2018, up 8 percent from 2017, when exports totaled $103 billion.
According to Economy and Industry Minister Eli Cohen, the government’s exports goals are to cross the $120 billion mark by 2020. This year’s performance may realize this goal sooner.
According to a report by the Economy and Industry Ministry and the Israel Export Institute, the increase in Israeli exports exceeds the growth seen in global trade, which in 2018 is expected to reach 4.2 percent.
The data shows that the goods and services sector was the strongest performer in 2018: the export of high-tech services noted a 14 percent increase and a record $51 billion, while the export of electronic and chemical goods rose by 3 percent, reaching $60 billion.
Exports to Asia grew by 20 percent in 2018, reaching $10 billion. Exports to the European Union held steady at $16 billion, and exports to the United States amounted to $11 billion.
IEI CEO Gadi Arieli said that “2019 is likely to see significant challenges for exports given the projected slowdown in global economic activity over the [U.S.-China] trade war.”
Cohen noted that “the international arena poses complex and difficult challenges for Israeli exporters, and I am pleased that the ministry’s various aid programs are helping exporters to cope with international markets.”