40% increase in bilateral trade with new EEC members

Mr. Uriel Lynn, President of the Federation of Israeli Chambers of Commerce (FICC) said that Israel must closely watch economic development in the 10 new EEC members in order to keep its competitive edge and attract new investments.
 
Survey made by the economic department of the FICC, in order to study the economic implications of trade between Israel and the new entrants, shows that between May and July 2004, the volume of trade increased by 40% (US$ 79 millions) compared to the same period last year.
 
The study based on data provided by the Central Bureau of Statistics shows that total import totaled us$105 millions a 25% increase, compared to last year, while exports surged by 52% ( us$168 millions ) during the three months period, compared to same period last year.
 
FICC's economists emphasized that the increase in bilateral trade clearly indicates that these markets have ended their economic slow down period, that characterized the markets in the last few years, and that the 10 markets are now growing rapidly.
 
The study shows that import was mainly from Hungary 42% , Czech Republic 23% and Poland 19% while export was mainly to Cyprus 79%, Poland 34%. Hungary 22% and Czech Republic 20%.
 
Trade with the 10 new members account for 5.5% of total trade with the European community and 2% of Israel's total foreign trade.