Export Institute director general Avi Hefetz said last week that for the first time since Israel gained independence, in 1948, Israel's exports are expected to fall this year by about 17% in dollar terms. Hefetz noted however that since 1948 until 2009 Israel's exports grew 13,400 times.

 

In 1948 export amounted US$6 million. In 1960 exports totaled US$323 million while in the early 70's it totaled US$1.3 billion and in the early 80's it reached US$8.7 billion and in early 90's US$17.3 billion and in 2008 export of goods and services totaled US$80.4 billion.

 

According to study made by the Israel Export & International Cooperation Institute, exports of goods and services are expected to total $67 billion in 2009 compared with $80.4 billion last year.

 

The present forecast is based on the strong influence of the global economic crisis on international trade and a drop in demand in the 20 main export destinations for Israeli goods and services.

 

The trade analysis of the Export Institute also shows that the US surpassed Europe as the number one destination for Israeli exports in the 70s. In the 50s and 60s some 70% of Israeli exports were sold to Europe. Today 35% is sold to North America and 35% to Europe.

 

Asia has grown in significance for Israeli exports with 20% of goods sold there today compared with just 1% during the 50s.