The economic affairs division of the Israel Export and International Cooperation Institute (IEICI) reported last week a cut of its export growth forecast for 2013 from 3% to zero.
The update was of its export growth forecast was made in response to the strengthening of the shekel, lower growth rates in Asia, the continuing recession in the EU and the lower growth forecasts for global trade.
Export Institute VP economic affairs Shaul Katznelson noted that exports of goods and services, excluding start-ups will be US$92 billion in 2013, the same as in 2012.
Katznelson noted that "In the most pessimistic scenario on the basis of second quarter data, we may again revise the forecast downward,".
