Avi Hefetz, CEO of Israel Export and International Cooperation Institute said last week that Israeli exports to the US fell by 9% in May-June 2011 to US$2 billion, and fell 7% compared with the corresponding months of 2010
The US is Israel's largest export market. Israeli exports to Europe, on the other hand, rose in May-June by 10%, compared with March-April, to US$2.8 billion. Exports to Germany rose by 11% to US$337 million.
Exports to Asia rose 1% to US$1.4 billion. Hefetz noted that exports to the US amounted to 26% of total exports in May-June, down from 30% in the corresponding months of 2010, while exports to Europe rose from 31% of total exports to 36%.
Asia's share in the Israeli export market fell to 18% of total exports from 19%, and export to the rest of the world fell to 20% from 21%. Chemicals exports to the US fell 12% to US$1 billion, and machinery and equipment exports fell 5% to US$454 million, compared with the corresponding months of last year.
Hefetz said that the drop in exports to the US could continue into 2012 and noted that "The export figures to the US are worrying, and again demonstrate a slowdown in the global economic recovery, alongside erosion in the exchange rate, are also affecting Israeli exports."
