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Updated November 25th, 2019 at 13:13 IST

Israel's exports to hit record $114 bn in 2019, $5 bn increase from 2018

Israel exports are expected to hit a record-high of $114 billion in 2019, a $5 billion increase from last year, said a government report on November 24.

Reported by: Kunal Gaurav
Israel
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Israel exports are expected to hit a record-high of $114 billion in 2019, a $5 billion increase from 2018, showed a government report on November 24. Israel's Central Bureau of Statistics and Economy Ministry, in the report, said that with $84 billion of Israeli goods and services exports in the first nine months, there was an increase in 4.6 per cent over the same period last year.

Exports to India grew by 9 per cent

According to the Ministry, the country witnessed a 12 per cent increase in services exports led by the high tech sectors like software, computing services, research and development. Country’s coastal plane is known for hosting several global tech companies and many of them are close to Tel Aviv. Israel’s economy is hugely dependent on exports comprising 30 per cent of the country’s economic activity. European Union is the largest trading partner of Israel and the exports rose by 4.8 per cent in 2019 but the remarkable growth was observed with India where the exports grew by 9 per cent.

Read: Israel PM Netanyahu Should Resign: Watchdog To Country's Top Court After Indictment

Concerns due to political deadlock

There is a threat of slow down owing to the current political deadlock in the country which could throw Israel into third general elections within a year. Israeli Prime Minister Benjamin Netanyahu’s main rival Benny Gantz proposed a unity government under his leadership on a rotational basis but that equation remains highly unlikely. Speaking at a news conference, the Blue and White Party chief called for a rotational Prime Minister and said if Netanyahu is cleared of the charges, he can take up the role after two years.

Read: Israel Lifts Palestinian Farmers' Access To Their Lands Behind Separation Wall

Alternative to fresh elections

Gantz called for the formation of the largest possible unity government under his leadership saying it was the “only alternative” to fresh elections. The Centrist leader took to Twitter to call for a partnership saying, “It is your time to put the fears and threats of the past aside and establish as broad a unity government as I can. I will serve as prime minister for the first two years, while Netanyahu will be able to handle his legal affairs.” 

Read: Iran Warns US, Israel And Saudi Of Consequences If They Provoked Unrest

Read: Benjamin Netanyahu's Rival Benny Gantz Proposes Rotational Govt In Israel

(With Inputs from Agencies)

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Published November 25th, 2019 at 12:42 IST

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