Israel exports to reach record of more than $160 billion in 2022

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JERUSALEM, (Reuters) – Israel’s exports are expected to have risen more than 10% to a record level of at least $160 billion in 2022, led by exports of services, the Economy Ministry said.

Exports, some 30% of Israel’s economic activity, were $144 billion in 2021, when services overtook goods as the country’s main export for the first time.

Again in 2022, led by high-tech exports such as programming and research and development, services will likely account for 51% of total exports, the ministry said.

The ministry said that total exports could top $165 billion in 2022 if the pace over the first three quarters of the year was maintained.

Israel’s Manufacturers’ Association said that while exports managed to grow despite a host of challenges, it was anxious about the coming year.

“2023 carries with it the dangers of a global recession, localisation in many countries and difficulties in supply chains,” said Ron Tomer, the group’s president.

Without elaborating, he said he expects the Israeli government to do its part and help aid the economy and exports to continue growing during this difficult period.

Israel’s economy is forecast to grow some 6% this year but just 3% in 2023.

At a 38% share, Europe is Israel’s largest trading partner, followed by the Americas at 35% and Asia at 24%.

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