Led by high-tech, Israeli exports expected to have record year in 2021 By Reuters

© Reuters.

JERUSALEM (Reuters) – Israeli exports are expected to reach a record of at least $120 billion in 2021 after $114 billion in 2020, boosted by continued strength in high-tech exports, the Economy Ministry estimated on Monday.

The ministry said that after a 1.5% decline last year due to the coronavirus pandemic, a fall that was modest compared to most other developed countries, exports have done well so far this year, with goods exports up 2% and services exports up 15%.

Software and computers services, which make up most of high-tech exports, are up more than 20% so far in 2021, the ministry said.

Service exports rose 11.6% in 2020 to $43.4 billion and have risen an average of 13% a year since 2016.

“The high-tech sector is the most significant source of export growth for Israeli exports in recent years and especially in the year of the coronavirus crisis. This trend is expected to continue and even strengthen in the coming year,” the ministry said.

High tech is a key economic growth driver for Israel, accounting for some 12% of economic output and 10% of the country’s labour force. Prime Minister Naftali Bennett, a former tech executive, has set a target of raising the tech workforce to 15% by 2026.

“We will bring as many people as possible into the high-tech industry, where there are higher salaries,” he said earlier this month.



Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button