Shoval: trade gap with US must be narrowed

Mr. Zalman Shoval, president Israel-America Chamber of Commerce and Industry (AmCham Israel), said last week during a welcoming ceremony to a delegation of state senators - Illinois State Senators Bill Hardiman (Kentwood) and Gilda Jacobs (Huntington Woods) and Jewish community leaders from Illinois, that Israel should reduce its trade surplus with the US.
 
Shoval noted that in 2004 exports to the European Union ( EU) totaled $8.15 billion, and imports from the EU totaled $12.5 billion, compared with $6.8 billion in exports to the US and $5.4 billion in imports from the US.
 
The US accounted for 21.6% of Israel’s foreign trade, and the EU 37%.
 
In the first half of 2005 Industrial exports to the US grew 8% to $3.48 billion, while exports to the EU grew 11% to $4.2 billion. In light of the statistics and the trade gap between the two countries Shoval said that Israel-America Chamber of Commerce and Industry was working hard to expand US products sales in Israel.