The Israel Export & International Cooperation Institute (IEICI) reported last Wednesday that according to recently available data, The People’s Republic of China was Israel’s third-largest export destination in the first three quarters of 2011.
The IEICI noted that the increase in trade with China shows that Israeli companies are increasingly looking eastward to compensate for falling demand from Europe and the United States.
According to the report the US maintains its lead as Israel's largest export destination in first nine months of 2011, Turkey climbs from seventh to sixth place, India falls from fourth to ninth place.
The People’s Republic of China imported US$1.7 billion worth of exports from Israel between January and September, placing it behind only the United States (US$9.04b.) and the United Kingdom (US$1.88b.) and just ahead of The Netherlands and Germany.
The United States maintained its lead as Israel's largest export destination with exports of goods (diamonds not included) totaling some US$9 billion – up 3% as compared with the same period last year. The highest export volume was reported in the pharmaceuticals sector, which to date constitutes some 41% of total exports to the US, excluding diamonds. The IEICI noted that despite US ranking at the top of Israel's exports chart, the gap is rapidly closing between the US and other export destinations.
The UK maintained its ranking from last year as Israel's second largest export destination and is Israel's largest export destination in Europe. Exports to the UK totaled some $9 billion – up 23% as compared to the same period last year, namely due to a sharp rise in pharmaceutical exports to the UK.
China is up to third place and is continuing to consolidate its position as Israel's largest export destination in Asia. Exports of goods, without diamonds, totaled some US$1.7 billion, similar to the same period last year.
Holland ranks fourth on Israel's export destination chart with exports at US$1.6 billion – up 19% from the same period last year, followed by Germany in the fifth place with exports at US$1.45 billion, excluding diamonds – up 24% as compared to the same period last year.
Turkey climbed to the sixth place with exports totaling US$1.4 billion – up 39% as compared to the same period last year – the highest increase among Israel's top 20 export destinations, owning to the 54% increase in chemical and distillate exports, which constitute 70% of Israel's exports to the country and totaling US$990 billion.
France ranked seventh after climbing from ninth place in the same period last year with exports excluding diamonds totaling US$1.1 billion – up 22% from the same period last year.
Italy follows at eighth place with exports at about US$1 billion – up 4% from last year.
India plummeted to the ninth place as compared with the fourth place last year with exports totaling US$934 million as compared with last year – down 30%. This is the largest drop among Israel's top 20 export destinations owing to the volatility in the mining and digging equipment sector – Israel's main export to India.
