Export Institute's grim forecast for 2011- global slowdown hurting Israel's exports

The institute predict export growth will decline by 50% in 2011. Brazil constitutes the leader in export growth
 
Ami Arel, Director General of the Israel Export and International Cooperation Institute, told exporters last week that export growth will decline by 50% in 2011. Arel was speaking to exporters gathered for an annual meeting in Tel Aviv.
 
Growth predicted for the end of 2010 is 18-20%, but Erel predicts that Israel's exports will grow by just 8% next calendar year, 50% less than export growth in 2010, due to a slowing of global growth.
 
In an evaluation of export destinations in 2010, in US$ terms, Brazil constitutes the leader in growth, with exports to the country reaching a record-breaking $452 million, 75% more than the same period in 2009. Second is South Korea, with exports reaching $443 million or 31% growth from the previous year. Third is India, and fourth is China.