FICC: Exports of services dropped 11%

Exports within the transportation sector, which includes shipping services plunged 39% to US$2.4b. Imports of services fell 14% 
 
The Federation of Israeli Chambers of Commerce (FICC) reported last Wednesday that Israel's exports of services dropped 11% and imports of services fell 14% in the first nine months of the year, compared with the parallel period last year.
 
Federation president Uriel Lynn noted that "The large fall in the volume of exports and imports of services was mainly in tourism and transportation services,". Lynn added that "The decline is a direct result of the global economic crisis and thedownturn in global demand for goods and services”.
 
Exports of services including tourism, banking, insurance and shipping decreased 11% to US$16.3b., in seasonally adjusted terms in the first nine monthsof the year, the federation reported. Imports of services dropped 14% to US$12.8b it said.
 
Exports within the transportation sector, which includes shipping services, plunged 39% to US$2.4b. Transportation services make up 15% of total exports of services. Imports of transportation services, which make up 32% of total imports of services, dropped 20% to US$4.1b.
 
Imports of business services, which include commerce, industry and entertainment and make up 47% of total imports of services, fell 9% to US$6.1b. Exports of tourism services, which includes travel and tourism agencies and expenditures by foreign tourists in Israel, fell 10% toUS$2.7b. Exports of tourism services make up 16% of the total volume of exports of services. Imports of tourism services, which includes expenditures by Israeli tourists abroad, declined 16% to US$2.2b.