Israel’s exports up 3% in 2016

Israel’s exports of goods and services totaled $95 billion in 2016, 3% more than in 2015, according to an initial summary by the Israel Export and Industrial Cooperation Institute published Tuesday. Excluding the sale of startups and diamonds, exports totaled $86 billion, 2% more than in 2015.

Hi-tech exports (industrial and services) totaled $41 billion, up 4%, compared with the preceding year, and are projected to account for 43% of Israel’s exports of goods and services. The increase is a result of rapid growth in exports of computer, software, and R&D services, in line with the trend in recent years.

According to the Export Institute’s forecast, exports are projected to grow by 6% in dollar terms to over $100 billion in 2017. Export Institute economists predict a real 4% rise in exports.

“The 2016 export report indicates a positive trend in exports this year,” said Export Institute chairman Ramzi Gabbay. “The drop in exports of goods was balanced by accelerated growth in exports of computer and software services, which contributed to a continuation of high-tech export growth in Israel, and in Israeli exports in general. In view of this trend, we expect that following several years of stagnation, 2017 will be a turning point in exports, with exports rising and boosting the economy’s growth rates in the coming years.”