Exports drops in slowing global economy

IEICI stated that exports of goods fell in August-September by 12.5%, compared with the corresponding months of 2009
 
The Israel Export & International Cooperation Institute (IEICI), reported last week that exports of goods fell in August-September by 12.5%, compared with the corresponding months of 2009.
In a statement issued by Export Institute director general Avi Hefetz, High-tech exports fell 12% and pharmaceuticals exports fell 20%.
 
The Export Institute said that its analysis shows a complete halt in recent months in the export growth that began in the fourth quarter of 2009.
 
Hefetz noted that the bleak figures reflect the slowdown in global growth. “The sharp drop in exports and the appreciation of the Shekel are a red light about future exports. Compared with the average exchange rate in the first half of 2009, the dollar hasweakened 11.3% against the shekel. We estimate that the weight of the dollar in export proceeds at 75%”.
 
The Export Institute said that the worrying figures indicated a special need for expanding export promotion resources and programs for exporters to growth markets in East Asia and South America.