7 August 12 15:47–Israeli exports of goods to Europe were down 14% in the second quarter of 2012 compared with the corresponding quarter of 2011, the Israel Export and International Cooperation Institute reported today. Total exports fell 7.5% to $11.2 billion in the second quarter from $12.1 billion in the corresponding quarter.
Export Institute chairman Ramzi Gabbay said, “The export figures are worrying, and if the situation continues, Israeli exporters will be forced to reduce or even shut down production lines, or move them overseas. Low demand in Israel’s main target markets in the EU, which accounts for 30% of exports, is creating a real threat for us.”
Exports of chemicals and pharmaceuticals to the US fell sharply in the second quarter, but was offset by higher exports of other goods. Israeli exports to the US totaled $2.5 billion in the second quarter.
Exports to Asia bucked the trend, rising 17% in the second quarter compared with the corresponding quarter. Among foreign markets which are struggling with an economic crisis that is lowering demand, Israeli exports to countries in Asia rose for the seventh straight quarter…Read More>>