In 2020 Israeli export totaled $107 billion, down 3% from last year, a report published by the Israel Export Institute reveals. The number is not high, considering that the International Monetary Fund expects the world trade to decline by a whopping 10%.
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The export of tourism and transportation services fell by about 45% due to the coronavirus pandemic. The dramatic blow to these industries was offset by the sharp increase in the export of software and research development services. The Israeli high-tech export increased by 7%, making up more than half of all Israeli export.
The export of goods totaled $54 billion, a decrease of 4% from last year. Export of commodities to the European Union fell by about 14% to $14 billion, and to the United States by about 3% and amounted to about $20.5 billion. Goods export to Asia remained unchanged and amounted to about $10 billion.
The Institute predicts that Israeli export will increase by 7% in 2021 to $115 billion.
"These figures indicate the importance of export in keeping the Israeli economy strong and stable," Israel Export Institute head Gadi Ariely said.
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