economic growth

While organizations can threaten to boycott Israel all they want, the economic reality is much stronger than empty words or declarations.

Despite persistent threats by various governments and organizations to minimize or cut economic ties with the Jewish State and to boycott Israel as a punishment for its diplomatic policies, Israel’s Ministry of Economy released a report showing a significant increase in foreign trade over the course of 2014.

The Ministry was proud to announce that 2014 ended on a positive note in all of Israel’s foreign trade indices. Israel’s foreign trade, both imports and exports, grew significantly despite Operation Protective Edge which occurred in the summer.

Israeli exports to Asian countries stood at 20% of total exports, following a consistent rise since the global financial crisis. At the same time, exports to the United States continued to grow, as did exports to Turkey, Holland, and Greece. Conversely, exports to Spain, Brazil, Singapore, Taiwan and Vietnam diminished significantly.

The US remains a key destination for Israeli exports. During the past year, exports to the U.S. stood at $9.8 billion, representing 23% of total Israeli exports. The year 2014 saw a rise of $351.8 million in exports to the US, 3.7% higher than 2013.

Exports to Holland grew by $333.3 Million, reaching $2.2 Billion, a rise of 17.3%. Holland is a major logistics and transportation hub in Europe, and growth in exports to Holland may come as a result of increased trade with other European economies.

Despite Greece’s economic woes, exports to the country, which consist primarily of chemicals and fuels, rose by 89.5% and reached $418 Million.

Director of the Foreign Trade Administration at the Israel Ministry of Economy, Ohad Cohen, stated after the release of the report:

“We’re continuing our work expanding trade and export activity in developing markets in East Asia, Latin America and Africa and laying the groundwork to help Israeli exporters penetrate burgeoning target markets. The level of imports from Asian countries grew by 2% compared with last year. Israeli exports and imports with European Union countries grew as well.”

By: United with Israel Staff