India falls to 9th from 2nd largest export destination

The Israel Export and International Cooperation Institute (IEICI) reported last week that India fell to Israel's Ninth largest export destination in the first half of 2011. India held the second place of largest export destination for many years.
 
Exports from Israel to India fell to US$580 million in the first half from US$820 million in the parallel half of 2010. The report published by the IEICI noted however that the drop was temporary and it expects exports to India to rebound in the second half of the year, boosting India's position in the list of export target countries.
 
The US kept its place as Israel's top export market by a large margin, however that margin is narrowing.
 
China rose to fourth place from sixth place in the rankings, following 34% increase in exports, excluding diamonds, to US$1 billion in the first half.
 
According to the IEICI, the UK, has replaced India's second place position in Israel's export rankings. Turkey was up from eighth to third place.
 
The Ministry of Industry, Trade and Labor said that exports to India fell 34% in the second quarter from the preceding quarter. The ministry said that it would conduct a survey among exporters to India to try to find out the reason for the drop.