Export institute : Exports to EEC to grow 15% in 2004

Mr. Shraga Brosh chairman of the Israel Export and International Cooperation Institute said last week that Israel's industrial exports, excluding diamonds, to the expanded EEC will grow by 15% in 2004 to $7.8 billion,. Most of the increase, according to Brosh is due to the strengthening Euro.
 
Brosh said that an in depth analysis carried out by the Export Institute planning, control and economic research department showed that the increase was affected by a 9% rise in the Euro against the Dollar, compared with the corresponding period last year. The increase in Israeli exports of goods in Euro terms was, according to Brosh, a more moderate 7%. (The research was carried out after it was announced that industrial exports, excluding diamonds, to the EEC rose by 18%, to $5.87 billion in the nine months: January-September 2004).
 
Imports from the EEC rose by 14% in dollar terms in January-September, but only by 5% in euro terms, to $9.1 billion. As far as export was concerned Mr. Brosh emphasized that Israeli exporters had to cope with hostile European elements, and problems arising from Israel's image in Europe.
 
Exporters have also been hurt by rising competition within the EEC, following the admission of ten new members last May. Nevertheless, according to Brosh the number of Israeli exporters to the EU increased by 4% in 2003 to 18,972 companies.