According to a new report, Israel exports are on track to reach a record $165 billion by the end of 2022. The previous record was $143 billion set in 2021. The new figures were based on trade activity in the first half of 2022. The ministry’s Foreign Trade Administration gathered the data. The figures showed that Israel exports more services than goods, with the ratio of goods to services standing at 52% to 48% in 2022.
The foreign trade administration chief said that the new figures are especially encouraging, comparing them to those of previous years and to COVID and global economic crises. Exports of services have also experienced a significant increase in recent years, with the high-tech sector driving the growth. However, prices of transport services have also increased. These data highlight that more informed analysis is needed to stay connected to the world’s markets.
Israeli exports are expected to increase by 15% by 2022, exceeding goods by that year. The growth in services is largely due to the booming Israeli tech sector, which has enjoyed a bumper year of investments and exits. IT services, software and programming, and other tech services make up the largest share of Israel’s services exports. In 2022, technology services will make up 46% of all services exports, with scientific R&D making up the rest.
The U.S. Clean Tech Trade Mission is a unique opportunity to meet and network with key decision makers in the Middle East and establish new business relationships. Four Middle Eastern countries are making huge investments in Clean Tech as they strive to combat climate change and diversify their economies. During the trade mission, participants will meet with key decision makers in the aerospace sector, where they can discuss their products, solutions, and services with regional government representatives.