Israeli exports grow 11,250-fold in 62 years
According to data released by Israel Export Institute ahead of Independence Day, 2009 saw $67.5 billion in exports compared with $6 million in 1948
The data suggest that Israeli exports have doubled in the last 12 years – from $33 billion in 1998 to some $67. 5 billion last year.
Institute director Avi Hefetz said that a 10% increase in the export of all goods and services is expected in 2010, totalling in $74 billion. "Israel's integration in the globalization process along with the economy's opening to competition has created changes in the Israel export map, both in geographic destinations and the field sense," he said.
The Export Institute report indicates that North American and European markets have always served as main destinations for Israeli trade.
However, while export to Europe consisted of 70% of all Israeli merchandise export in the 1950s and 1960s, it now only takes up 32% of exports.
Export to North America consisted of 37% in 2009.
The advent of the Asian markets in the trade field has left its mark on Israel – starting with 1% of local exports in the 1950s Asia has now reached 20% of all Israeli merchandise export.
The nature of exports has also changed along the years. From a country mainly providing agricultural products such as citrus fruits and later on diamonds, Israel now mainly exports knowledge-based industries.
Hi-tech export reached $27 billion in 2009 comprising 40% of Israel's total export. The export of hi-tech equipment has more than doubled itself over the last decade – from $7.5 billion in 1999 to $17.9 billion in 2009.
