The export of goods from Israel
to the United States was down 34% in the first quarter of 2009 compared to the same period last year, following an average increase of about 10% in the past five years, the Israel Export and International Cooperation Institute reported last week.
According to the data, the exports to the US totaled some $3.3 billion between January and March of 2009.
An analysis conducted by the IEICI's economic department revealed that despite the sharp drop, the US is still the main destination for the export of goods from Israel.
The data also showed that the first quarter of the year saw a drop in the extent of exports of goods to North American and to the European Union out of the total Israeli exports: The exports to North America constituted 34% of the exports in the first quarter compared to 36% in the same period last year, while the exports to the EU during that period constituted 28% of the exports compared to 30% in the same period last year. The extent of exports of Asia remained stable at 18%.
The main industry which contributed to the drop in the exports to the US was the metal industry, which saw a 70% decline to some $94 million in the first quarter compared to the same period last year.
The export of diamonds to the US, which constitutes about 29% of the total exports to that destination, recorded 57% drop in the first quarter compared to last year. The export of goods excluding diamonds saw a 15% decrease in the first quarter compared to last year. The chemicals industry recorded a 44% decline in exports to $173 million.
The exports of high-tech equipment, on the other hand, saw a 5% rise compared to the first quarter of 2008, totaling $1.6 billion. The export of medications, which is the main industry in the export of high-tech equipment, rose by 41%, totaling $871 million.
Additional industries which saw a rise in exports were the electronic components industry (139% increase to $213 million), the transport tools industry (112% rise to $25.5 million), and the electronic equipment industry (54% rise to $49 million).
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