Industrial exports to the US, excluding diamonds, dropped 10% in the first half of this year, compared with the corresponding period last year. Exports for the six month period were $2.77 billion.
Israel Export Institute director general Israel Shotland said he "hadn't seen this rate of decline in a decade".
Imports from the US to Israel fell 17% in the first half of 2002, compared with the corresponding period last year, to $3.25 billion.
According to Shotland, the decrease in exports was due to the continuing recession in the US, especially in high-tech. He said that industrial export to the US would continue to decline in the coming months.
There was a 34% drop in high-tech exports to the US in the first half of 2002, compared with the corresponding period last year, to $848 million. There was also an 8% decline in textiles and clothing export to $251 million.
The drug and pharmaceutical sector was Israeli export's one ray of light. In the first half of 2002, there was a 66% increase in drug and pharmaceutical exports to the US, compared with the corresponding period last year, to $324 million. Wood, furniture and print exports also increased by 70% in the six month period, compared with the corresponding period last year, to $42 million.
Published by Globes [online] - www.globes.co.il - on 27 August 2002