Lynn – bilateral trade with EU to increase by 20% in 2004

Mr. Uriel Lynn, president of The Federation of Israeli Chambers of Commerce ( FICC ) said last week that bilateral trade with the EU will reach the 35 billion dollars mark in 2004. In a press release based on figures published by theCentral Bureau of Statistics ( CBS )Lynn said that Europe is still the largest source of import to Israel .
 
In 2004 Israel's import from the EU block will reach $22 billions, accounting for 54% of total imports. Exports to the EU block will be $13 billions, 34% of total exports. Mr. Uriel Lynn emphasized that the recent structural changes in the EU provides Israel with an opportunity to widen bilateral trade.
 
"Israel must not take the trade deficit for granted and should regard the EU as a target market putting real efforts to increase penetration into the European market." The analysis made by the economic department of the FICC shows that some European countries have increased bilateral trade: Germany – US$ 450 millions, England – US$340 millions, Holland US$220 millions, Italy US$154 millions, Cyprus US$138 millions & Ireland US$ 153 millions. Belgium is the largest importer of Israeli goods in 2004 buying US$ 467 millions worth of products followed by England – US$ 168 millions, Germany US$155.