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Israeli high-tech exports drop amid war against Hamas

Sector still accounted for 77% of nation's exports in December despite negative effects of Israel-Hamas war
i24NEWS|
The Israel Central Bureau of Statistics reported on Tuesday that in the last quarter of 2023, coinciding with the first three months of the war between Israel and Hamas, Israeli exports of high-tech services fell by 7.8%, amounting to NIS 4.1 billion ($1.1 billion).
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Despite evident damage the sector has seen due to the ongoing war, the high-tech still accounted for about 77% of Israeli exports that month.
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עובדים ב הייטק
עובדים ב הייטק
(Photo: Boaz Oppenheim)
Meanwhile, earlier in February, Israel's Central Bank reported that exports of high-tech equipment from Israel increased by 10%.
The average salary in the sector is said to have exceeded NIS 29,000 ($ 8,120) gross in November, reportedly jumping by almost 10% over the past year as well.
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Tel Aviv Stock Exchange
Tel Aviv Stock Exchange
Tel Aviv Stock Exchange
(Photo: Gettyimages)
Being the fastest-growing sector in Israel in terms of workforce, the industry employs about 395,000 people, constituting 10.4% of all Israeli workers.
Despite that, over 230,000 people have applied for unemployment benefits since the Israel-Hamas war broke out on October 7, with 150,604 citizens compelled to take unpaid leave as businesses struggle to cope with the economic fallout of the war.
Reprinted with permission from i24NEWS.
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