The high-tech sector is responsible for 48% of all industrial exports, which totals about $32 billion annually
According to figures based on annual data consolidated by the Manufacturers' Association of Israel (MAI), high-tech exports from Israel have grown so far by just 4% in 2007, compared to a growth rate of 20% in 2006.
According to the figures, 2007 high-tech export growth is similar to that of traditional industrial.
In a statement issued by the MAI noted that the high-tech sector is responsible for 48% of all industrial exports, which totals about $32 billion annually.
Chairman of the Israel Export and International Cooperation Institute David Artzi said last week that "From the beginning of the year, exporters in the industry have reported losses of over NIS 1 billion as a result of the par between the expected exchange rate at the time of the performance of export orders and the actual exchange rate on the day of payment," he added : "As a result of the continued weakness of the dollar, many exporters refrain from signing new deals or contracts committing them in the future," he said. "This situation could challenge Israel's competitiveness in a couple of months unless the government acts to restore the confidence of Israeli exporters."
According to Export institute data, hundreds of industrialists have announced that they have ceased exporting in the past few months. Some analysts expect the shekel to continue to strengthen against the dollar.
