The Israel Export & International Cooperation Institute released data showing that merchandise exports in 3rd quarter of 2014 increased by 4.5% in dollar terms over the same time a year ago to US$13.3 billion.

Not counting exports of polished diamonds, the rise was 5.5% to US$11.2 billion. The third-quarter figures mark a sharp turnaround from the second quarter, when merchandise exports dropped 7% from the year before to US$13.6 billion.

Third-quarter export growth was led by pharmaceuticals, mainly Teva Pharmaceutical Industries. They jumped 37% from a year ago to US$1.4 billion. Chemical exports, which are dominated by Israel Chemicals, climbed 1.5% to US$2.7 billion.Exports of electronic components, a sector dominated by the Israeli unit of the U.S. chip giant Intel, were unchanged at US$1.1 billion.

All three segments together, which account for close to half of Israel’s combined merchandise exports, saw a gain of 8.5% from a year ago to US$5.2 billion.

Other export categories climbed 3% to about US$6 billion. Farm exports, however, dropped 12% to US$165 million and diamond exports by 2% to US$2.1 billion.