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November 24, 2014 / 2 Kislev, 5775
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Posts Tagged ‘exports’

Intel Says It Exported $35 Billion from Israel in 40 Years

Sunday, January 26th, 2014

Intel is celebrating its 40th year in Israel with a report that it has exported one billion silicon processors worth $35 billion .

Last year, $3.5 billion worth of Intel products were exported from Israel, said the chip-making giant, which has received from the government billions of dollars in grants and enticements to locate and expand in Israel.

Intel has grown into Israel’s largest private employer, with 9.800 workers.

“Without innovation in Israel, the company has no right to exist,” said  Intel Israel president Mooly Eden. “Even as we develop and are at the spearhead of fab technology, we’re constantly moving on to the next technology.”

Intel is in the process of asking the Israeli government for $900 million in grants in return for building another new fab plant in Kiryat Gat, located next to the high-speed north-south Highway 6 that connects Be’er Sheva with access roads to Ben Gurion Airport, Jerusalem and Tel Aviv.

Referring to Intel’s not having caught the fad for mobile devices and tablets, Eden told Globes, “There have been several revolutions. We didn’t respond fast enough, and now that there is a new revolution – wearable technology – the expectation is that we will respond more quickly. The fact that we have to close gaps is not part of Intel’s DNA. We are good in offense, not defense, and we should run faster in the next two years, and show that we’re not just closing gaps, but that we’re leading new trends, such as wearable technology and security.”

Israelis to Munch 15,000 Tons of Apples this Rosh Hashanah Season

Tuesday, September 3rd, 2013

The apple and honey tradition on Rosh Hashanah has Israelis consuming 15,000 tons of apples during the month of September, an increase of almost 50 percent  from average consumption during the rest of the year.

Israel’s crop of apples is of a particularly high quality this year, according to Amos Levin, general manager of the Galilee Development Corporation and chairman of the apple division of Israel’s Plants Production and Marketing Board.

“This summer’s relative cooler temperatures, especially at night, helped produce a higher quality of crop,” he said. Levin noted that this year’s crop, harvested from August through November, is excellent for size, color and taste.

Nearly all of Israel’s apples are grown in the hills of the Galilee and the Golan Heights because apples require cold winters and cooler summer nights to grow best.

The northern apple orchards are located on hills that are more than 2,000 feet higher and cover approximately 10,500 acres.

More than 100,000 tons of apples are sold in Israel each year, with the apple market valued at more than $200 million, serving as the core for the local economy in the Golan Heights. Another 7,000 tons of apples are imported into Israel from the United States and Europe.

While Israel exports little of its apples abroad, this year, the country exported 18,000 tons of apples grown by Druze farmers living in the Golan to Syria, in coordination with the Plants Production and Marketing Board, the IDF and the Red Cross. The Druze apple growers of the Golan have been selling to Syria has for the past eight year, but the apple exports were stopped in 2012 when the war situation became too volatile.

This year the apple industry also drew a number of university students from across Israel interested in learning more about agriculture and helping out Golan apple growers.

Sapir college student, Yotam Eyal told Tazpit News Agency that he and his friends have been picking apples for the past month.

“We are college students from all over Israel – from the Negev, Jerusalem, and the north, who are interested in learning more about agriculture and connecting to the land,” Eyal explained. “There are projects that have been initiated in the past year which get students involved in these areas.”

“It’s good to see where a fruit like an apple that you buy in the supermarket comes from,” commented Eyal. “Picking apples all day in the orchard is hard work. But it has made us appreciate dipping the apple in honey that much more this Rosh HaShanah.”

Tale of 2 Debts: Moody’s OKs Israel’s A1 Rating; US Sinks in Red

Thursday, August 15th, 2013

Moody’s Investors Service affirmed the Israeli government’s A1 debt rating Thursday and credited Israel’s stable economy, while in the United States, an economist claims that the national debt is a staggering $70 trillion, 3.5 times the admitted amount.

Moody’s said it is upholding Israel’s current rating because of the resilience of the economy, expectation of a lower debt and favorable diplomacy with, particularly with the United States.

“Growth in the small, open economy has been sustained even with shrinking demand from Europe, a key trading partner,” according to Moody’s. It cited Israel as being a haven for entrepreneurs and a leader in the high-tech industry.

Another strong factor in Israel’s favor is the export of natural gas, which will help reduce the national debt, reduce taxes and create jobs.

On the negative side is “Iran’s nuclear program being the largest threat to Israeli territorial security,” Moody’s added. “However, a certain status quo has been achieved by maintaining a strong military deterrent, close ties with the US and friendly relations between the Israeli, Egyptian and Jordanian armies, It also credited the resumed talks with “helping to reduce Israel’s international diplomatic isolation.”

Coincidentally, IBM announced on Thursday it is buying up the Israeli Trusteer data security company for an estimated $750 million. Previously this year, foreign companies have purchased several Israeli firms for a total of more than $3 billion.

Israel not only has been the eye in the center of the Middle East hurricane that has swept through Arab countries but also has one of the strongest and most stable economies in the Western world.

In the United States, a poll released Thursday by Gallup shows that President Barack Obama’s economy rating is at an all-time low of 35 percent, reflecting large scale unemployment that is not reported because so many Americans have given up looking for work.

In addition, Fox News reported that University of California at San Diego Prof. James Hamilton estimates that the U.S. national debt is $70 trillion, 3.5 times the official debt of $16.9

That works out to approximately $175,000, plus change, for every man, woman and child. And that does not include a tip for the president.

“Hamilton believes the government is miscalculating what it owes by leaving out certain unfunded liabilities that include government loan guarantees, deposit insurance, and actions taken by the Federal Reserve as well as the cost of other government trust funds,” Fox reported. “Factoring in those figures brings the total amount the government owes to a staggering $70 trillion.”

Hamilton is not the first economist to estimate the debt to be so high, but the government prefers its own figures, for obvious reasons.

Eventually, say economists, the Treasury’s printing presses will be working overtime, leading to high inflation and interest rates, a double-whammy that can cause “stag-flation,” a recession with inflation.

The conclusion is that it would be wise to book early for a one-way ticket to Israel.

Israel’s Arms Exports Soar to record $7.5 Billion

Wednesday, July 24th, 2013

Israel’s increasing arms exports has made it one of the most important in the world, with a record $7.5 billion worth of arms exported in 2012, according to a Minister of Defense’s Export and Cooperation report on Tuesday.

The new record is even more impressive when taking into account budget cuts in Western countries.

“The figure of $7.47 billion in defense exports at the end of last year surprised us,” said the export corporation’s director Shmaya Avieli. “Israel is one of the top ten defense exporters in the world, and one of the top five exporters according to some criteria. We are in the premier league in this area, and we aspire to more because defense exports contribute to Israel’s economy and security.”

Countries in Asia and in the Pacific region were the main markets, where sales totaled $4 billion last year.

The most popular export items were radar, missiles, defense systems that include anti-aircraft weapons, observation and communications systems, and unmanned aerial vehicles (UAVs). Israel is the world’s largest exporter of UAVs after the United States.

 

Netanyahu Limits Gas Exports to 40 Percent

Wednesday, June 19th, 2013

Offshore gas fields should be allowed to export no more than 40 percent of the natural gas they produce, Prime Minister Binyamin Netanyahu announced Wednesday. The Cabinet is expected to approve the recommendation at Sunday’s weekly session.

The limit is more restrictive than the 53 percent that was suggested by a committee set up to come up with proposals on how to manage Israel’s newly discovered energy fields, but opponents nevertheless  protests in Tel Aviv Wednesday night, insisting  all the gas should be kept in Israel for domestic needs in the future.

The Prime Minister, after consulting with Finance Minister Yair Lapid and Energy and Water Resources Minister Silvan Shalom, and Finance Minister Yair Lapid, said, “The State of Israel received a gift from nature in large quantities of natural gas…. We have jointly decided to significantly increase the amount of gas for Israel’s use. This will supply our needs for 25 years.”

He estimated that Israel will receive approximately $60 billion from the gas fields over the next 25 years.

Fisher’s Assessment: ‘The State of Israel’s Economy is Very Good’

Sunday, April 28th, 2013

Yoram EttingerStraight from the Jerusalem Boardroom #178, April 26, 2013:

The following summary of the April 23, 2013 address by Stanley Fisher, Bank of Israel Governor, highlights economic indicators which reflect the relative strength of Israel’s economy during the global economic meltdown.  These indicators have enhanced global confidence in the long-term viability of Israel’s economy.

Far from being isolated, Israel has become an attractive partner for global trade, an exciting site for astute investors and giant high tech companies.  Israel’s economic performance is praised by the three leading global rating companies and the International Monetary Fund.

Here is are the key points from Fisher’s remarks:

1.  “The state of Israel’s economy is very good, not excellent as it was in recent years.”

2.  In 2013, Israel’s economy is expected to grow 3.8% - more than most OECD countries. 1% growth will derive from offshore natural gas production, which will substitute more expensive imported energy, lower overall imports and production costs and expand employment.

3.  Global trade is expected to expand only 3.6% during 2013, which does not bode well for Israel’s exports (40% of Israel’s GDP).

4.  Unemployment – 6.5% – is the lowest in thirty years.  Unemployment among the 25-64 age groups is 5.7%.  Apparently, more young ultra-orthodox Jews and Arabs are integrated into the job market.

5.  In 2013, the interest rate – 1.75% - attracts overseas investors in State of Israel Bonds.  In 2012, inflation rate was 1.3%.

6.  In 2003, Israel was burdened by more than 5% budget deficit, which increased interest paid by Israel on international borrowing. The deficit was eliminated, when Israel adhered to a balanced budget policy, which facilitated Israel’s solid economic performance during the global economic meltdown.  However, the global crisis slowed down Israel’s economic growth, decreasing tax income, which increased the budget deficit to 4% in 2012.  The government goal in 2013 is a 3% budget deficit.

7.  During the 1970s and 1980s, the defense budget was over 20% of GDP.  The impressive growth of GDP has diminished the ratio of the defense budget – which is the largest share of the national budget – to 7% of GDP in 2012, the lowest since 1954!

8.  In 2003, the public debt to GDP ratio was 99.3%; in 2012 it was reduced to 73.4%.

Visit The Ettinger Report.

Printed from: http://www.jewishpress.com/blogs/the-ettinger-report/fishers-assessment-the-state-of-israels-economy-is-very-good/2013/04/28/

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