Israel's exports are experiencing a downturn, the Israel Export and International Cooperation Institute (IEI) said Tuesday.
A new IEI report said that Israel 'sexports came to $10.9 billion in the first quarter of 2012 – a 6.5% drop from Q4-2011 and a 5% tumble compared to last year's first quarter.
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One disconcerting trend noted by the IEI was a 16% drop in Israel's exports to the European Union, which came to $3.6 billion. EU exports make up 33% of Israel's overall global exports.
Exports to Asia, which made up 20% of Israel's exports in Q1-2012, came to $2.2 billion, a 6% decrease from Q4-2011, but a 7% rise from Q1-2011.
Exports to the US, which made up 21% of Israel's exports in the first quarter, added 3% and amounted to $2.4 billion. Still, US exported dropped 23% compared to Q1-2011.
IEI Chairman Ramzi Gabay said that should the situation continue, "Exporters may be forced to close down production lines, or opt for overseas outsourcing.
"I urge the government to offer exporters the necessary assistance so they can resume growth."