Israeli exports are expected to reach $54.5 billion in 2018, representing a 2.3% growth from last year, a report by the Economy and Industry Ministry said Sunday.
The report noted that Europe was Israel's largest export market with a 37% share. North America is the country's second-largest export market, making up 28% of all exports, with the Asian market third, with 26%.
Smaller export markets include Africa, Latin America and other nations.
According to the report, exports to Asia have grown by 18% since 2017.
Exports to China, in particular, have soared, reaching $2.8 billion in the first half of 2018 – up 73% from the same period last year.
Exports to India between January and June have grown by 7.1% compared to 2017, reaching $1.15 billion.
Japan also proved to be a growing market for Israeli products this year, with exports so far reaching $640 million – a 58.7% rise from the same period last year.
China, India and Japan have all be defined by the government as priority export markets.
Exports to Latin America grew by 13.8% in the first six months of 2018, with Argentina, Brazil, Paraguay and Uruguay – countries with which Israel signed free trade zone agreements in recent years – leading the trend.
"The government has set a goal of crossing the $120 billion-mark in exports by 2020, after crossing the $100 billion mark in 2017," Economy and Industry Ministry Eli Cohen said.
"Thanks to the collaboration of exporters, the Israel Export Institute and the Economy and Industry Ministry, exporters have become a leading force in in Israel's economic growth," he said.
