Exports to China to decline US$200m in second half of 2012

"The global economic slowdown in general and in China in particular, will undoubtedly affect Israeli exports to China"
 
David Milgrom, CEO of Israel Credit Insurance Company Ltd. (ICIC) said last week that the global economic slowdown in general and in China in particular, will undoubtedly affect Israeli exports to China.
 
In a presentation given to local businessmen, he predicted that a US$200 million drop in exports of Israeli goods to China will be experienced in the second half of 2012, due to China's economic slowdown.
 
ICIC warns that the drop in exports to China will be another blow to Israeli exporters which are already struggling with a steady drop in demand in foreign markets EU and North America.
 
Bilateral trade stands at almost US$10 billion, a 200-fold rise in two decades. China is Israel's third-largest export market, buying everything from telecommunications and information technology to agricultural hardware, solar energy equipment, and pharmaceuticals. ICIC estimates that Israeli exports to China will fall to US$1.15 billion in the second half of 2012 from US$1.35 billion in the first half. The analysis is partly based on growth forecasts by leading Chinese companies and their performance in the past few months.