Israel’s High-Tech Exports Up 17.9% but Overall Trade Deficit Rising Faster
Israeli high-tech exports for January-August 2022 totaled $14.8 billion, a 17.9% increase compared to the same period last year, the country’s Central Bureau of Statistics reported on Wednesday.
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August was a particularly good month for high-tech exports from the Jewish state; it saw a 24.2% rise, from $1.57 billion in August 2021 to $1.95 billion in 2022. Assaf Kovo, the chief economist at the Israel Innovation Authority, said all segments of Israeli high-tech were experiencing continuous growth. “Regarding continued growth in the short term, there is no substantial cause for concern, especially given the power the sector has demonstrated after the declines in global markets in the first half of 2022,” he added.
The export of all Israeli goods in the January-to-August period rose to $44.3 billion, a 22.5% increase over last year. But imports still far outpace exports, both in growth and absolute volume, totaling $73.2 billion for January to August 2022, a 24% increase over imports for the same period in 2021. And the country’s trade deficit rose sharply, from $22.9 billion in January-August last year to $28.9 billion for the same period this year – a 26.2% increase.
