MAI: Economic crisis cost Israel $3.9b in exports

Israel's industrial exports fell 5% in real terms in January-February and totaled US$4.9 billion during that period
 
The Manufacturers Association of Israel (MAI) reported last week that the Israeli economy suffered US$3.9 billion in lost exports between October 2008 and February 2009, due to a 10% drop in orders.
 
Ruby Ginel, MAI Economics Division director, said in a press release that, "It should be remembered that exports are one the economy's primary locomotives for job creation. Each US$1 billion loss in exports costs 10,000 jobs.”
 
The MAI noted that Israel's industrial exports fell 5% in real terms in January-February, compared with the monthly average in the fourth quarter of 2008.
 
Industrial exports totaled US$4.9 billion in the first two months of the year.
 
Mixed high-tech exports fell 25% in real terms in January-February, after rising just 0.4% in the fourth quarter of last year.
 
Most of the drop was due to a 17% fall in chemicals and refined oil products. High-tech exports bucked the trend, with a 15% increase in exports in January-February, after falling 6% in the fourth quarter.
 
Avionics exports rose by 50%, pharmaceuticals exports rose 13%, electronics components exports rose 4%, and exports of communications, control and supervision equipment rose by 5%.