Asia overtakes US as Israeli export market

Between October 2011 and January 2012, exports to Asia reached $3.1 billion compared with $2.9 billion to the US.

Exports to Asia between October 2011 and January 2012 overtook exports to the US, the Israel Export and International Cooperation Institute reported today. 21% of goods exported were to Asia during this period, while 20% of Israeli goods exported were sold to the US.

The Israel Export Institute's data showed that exports to the US fell 7% from the corresponding period the year before. As a result, the Institute is considering updating the export forecast for 2012.

Exports to the US during this period totaled $2.9 billion, while exports to Asia were $3.1 billion. Europe remains the largest market for Israeli exports with 35% of goods sold there. Exports to Europe totaled $5 billion, up 5% from the corresponding period last year.

Market sources believe that one of the reasons for the fall in exports to the US resulted from the completion of a deal by Kibbutz Sasa's Plasan to supply defense components for APCs. The supply was for APCs used by the US army in Iraq.

Sources believe another reason for the fall in exports to the US was the decision by Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) to focus more attention on exports to new markets.

Published by Globes, Israel business news - www.globes-online.com - on March 5, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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