Israeli exports to India double in Q1

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India is now Israel's sixth largest export destination.

Israeli exports to India totaled $370 million in the first quarter of 2015, double the exports in the corresponding quarter last year, according to figures published today by the Israel Export and International Cooperation Institute. Export Institute economists who analyzed the figures said that Israeli exports to India had risen in all sectors, including telecommunications equipment, measuring and control equipment, industrial equipment, etc.

The Export Institute added that this rise indicated improvement in the economic situation in India, now rated as Israel's sixth largest export destination, compared with 15th place in the first quarter of 2014.

"Since the increase is common to all sectors, not focused in a single sector, the impression is gained that India is recovering in accordance with the forecasts that India's economic growth in 2015 and 2016 will be faster than China's," Export Institute Deputy Director General for Economics & Professional Services Shauli Katznelson told "Globes."

Israeli exports to the US totaled $2.9 billion, up 13% in the first quarter, compared with the corresponding quarter in 2014, led by the pharmaceutical sector, in which exports rose 47%, compared with the corresponding quarter last year, with exports of goods in other sectors also posting increases.

Exports to Russia, Turkey down

Total Israel exports reached $12.5 billion in the first quarter, compared with $12.6 billion in the first quarter of 2014. According to Katznelson, the slight drop in exports in the first quarter resulted from the euro's weakness against the dollar and lower global prices in chemicals and energy. Today's figures show that Israeli exports to Russia totaled $200 million, down 27%, compared with the first quarter of 2014.

The fall in exports to Russia resulted from a 16% drop in agricultural exports to Russia, partly caused by a steep fall in the ruble-dollar exchange rate and the economic crisis in Russia. Exports to Turkey plunged 30% to $510 million in the first quarter, and exports to Italy sank 34% to $250 million.

Published by Globes [online], Israel business news - www.globes-online.com - on June 7, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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