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July 1, 2016 / 25 Sivan, 5776

Posts Tagged ‘exports’

Israeli Food Exports Gain Popularity as Economic Ties Expand in East Asia

Wednesday, June 1st, 2016

{Originally posted to The Tower Magazine website}

As Israel’s economic ties expand across East Asia, so does the popularity of the Jewish state’s food products.

Costco stores throughout Japan hosted an Israeli food festival last week, featuring pita, matza, Wissotsky teas, Angel cookies, Adafresh spices, Hanasich tahini, and a variety of Israeli wines. The festival was sponsored by the Israel Export Institute and the economic attaché of the Israeli Ministry of Economy office in Tokyo.

“In 2015, the government decided to take steps to strengthen the economic relations between Israel and Japan. The Israeli and Japanese prime ministers held reciprocal visits over the past several years under this framework,” Ohad Cohen, exports manager for the Ministry of Economy, told Ynet. “We’ve seen great interest for Israeli products and technological cooperation from Japanese companies in a variety of fields including the medical, communications, pharmaceutical, and automation fields,” he added.

The initial contacts between dozens of Israeli and Japanese companies has led to over $1 million in exports.

Another promising market for Israeli food products is opening in Vietnam, which last week hosted an Israeli food festival in Hanoi and Ho Chi Minh City. The events featured cooking demonstrations by Israeli celebrity chef Ruthie Rousso and others. Israeli dishes prepared at the festival included majadra, musabaha style hummus, fresh pita made on site, malabi with pistachios, and sweet Israeli meatballs made with date honey, Ynet reported.

“Over the last several years, Vietnam has greatly developed economically and presents a great opportunity for Israeli industry and food exports,” said Caroline Nevo, the head of the Food and Drink Branch of the Exports Institute. She added that her organization has “seen more interest and demand for Israeli flavors and products in the east, and conversely, we have been expending great efforts to open up markets which will facilitate the entry of Israeli products and fully realize the potential of these markets.”

In addition to the food festivals in Japan and Vietnam, four Israeli wineries — Adir Winery, Morad Winery, Psagot Winery, and Binyamina Winery — attended the China (Guangzhou) International Wine & Spirits Exhibition this year, the largest exhibition of its kind in China.

 

The Tower

Israel’s Balance of Payments Q3 / 2015: $3.8 Billion Surplus

Monday, December 14th, 2015

(JNi.media) According to the Israeli Central Bureau of Statistics, Israel’s balance of payments for the third quarter of 2015 (July – September) looked positive, considering the current economic environment.

The data on the current account of Israel are a summary of the country’s balance of payments conducted by the Central Bureau of Statistics at the end of the third quarter of 2015. The summary includes transactions of Israeli residents with foreign entities in four different accounts: the account of goods (exports imports), the services account (Exports Imports), the account of primary income (income from financial investments and wages per employee), and secondary income (current transfers of funds).

The current account surplus totaled $3.8 billion, following a surplus of $3.4 billion in the previous quarter.

The balance of goods and services amounted to a surplus of $2.5 billion, following a surplus of $1.8 billion in the previous quarter.

The Imports of goods and services decreased by 3.5% from the previous quarter to $20 billion.

The Exports of goods and services remained at a level similar to that of the previous quarter, totaling $22.5 billion.

Israeli residents’ investments in foreign tradable securities decreased by $100 million following continued increases since 2012.

Investments by foreign residents in negotiable Israeli securities decreased by $2.1 billion in the first three quarters of 2015, after rising by $6.7 billion in the three preceding quarters.

In the net external debt, the excess of assets over liabilities amounted to about $108 billion, compared with $92 billion in the same quarter the year before.

Current-account-by-components

JNi.Media

Russia Punishes Turkey by Importing Tomatoes from Israel

Thursday, November 26th, 2015

Russia may be giving a Thanksgiving turkey to Israel in the form of tomatoes that it will import following a sudden ban on accepting produce from Turkey, another punishment for Ankara’s downing a Russian plane this week.

Now that Turkey is a rotten tomato for Russia, Israel will benefit from the need to find 360,000 tons of tomatoes to replace the banned imports.

Russian President Vladimir Putin already has ended security cooperation with Turkey and has asked Russians not visit the country. Moscow invented a diplomatic reason for the ban of food imports from Turkey, claiming that 15 percent of the agricultural imports from Ankara suddenly do not meet “sanitary regulations.”

Kremlin spokesman Dmitry Peskov told journalists:

We’re not imposing any embargo.

These (restrictions) are introduced due to an increasing danger from various manifestations of extremism. Of course, additional control measures are taken. This is rather natural, especially taking into account the unpredictable actions of the Republic of Turkey.

Turkish media quoted a member of the Turkish Exporters Association as saying:

Turkish vegetables account for 20 percent of the total Russian imports of vegetables. Import of vegetables, tomatoes in the first place, will be substituted with those from Iran, Morocco, Israel, Azerbaijan, Uzbekistan.

Israel’s benefiting from Turkey’s intercept of the Russian is a double punishment for Turkish President Recep Erdoğan, whose wounds from the Russian reaction will be salted with the bonus for Israel.

He has not forgiven Israel for boarding the IHH-terrorist infested Mavi Mamara ship five years ago and killing 10 IHH terrorists who tried to kill Navy officers stopping the vessel from breaking the maritime embargo on Hamas-controlled Gaza.

The only negative might be a rise in the price of tomatoes in Israeli supermarkets because of the increased demand from Russia.

Tzvi Ben-Gedalyahu

Shekel-Dollar Rate Hits Three-Year High at 4.01

Friday, March 6th, 2015

The dollar was trading at 4.01 shekels shortly before noon Friday, the highest rate since 2012.

The Bank of Israel reported Friday that it bought $1 billion worth of dollars last month in its currency war to make the shekel cheap and increase exports.

The shekel-rate sneaked across the 4.00 level last week but quickly receded.

The recent buying binge of dollars by the Bank of Israel has increased Israel’s currency reserves to a whopping $85 billion.

The shekel-dollar rate could rise as far as 4.10 or 4.20, according to some analysts, but a currency bubble is developing to the point that if and when the Americans stock market starts to tumble, investors in Israel will cash in and bring home shekels. The result would be a dive in the shekel-dollar rate, with the Bank of Israel being left with a huge pile of cheaper dollars that it can’t sell without driving the rate down even further.

Tzvi Ben-Gedalyahu

Israeli Wine Exports Sparkle [video]

Monday, January 26th, 2015

L’chaim.

Israel wine exports rose 10 percent last year and reached $40 million and total sales were $220 million.

The Israel Export and International Cooperation Institute announced the figures on Monday at the start of the two-day Tel Aviv Sommelier Wine festival.

There is a growing demand from North America, Europe and Asia for Israeli wines, some of which have won dozens of prizes and are rated with top wines from California and France.

“In recent years Israeli won has won international recognition and the rise in wine exports to Asia where the kosher market is insignificant demonstrates the strength of Israel’s wine brand around the world,” the Export Institute Wine Department’s head Ya’ara Shimoni told Globes business newspaper.

Israel has 250 wineries, half of which are commercial operations.

Several wineries produce products from grapes grown n the Golan Heights and Judea and Samaria, where dry summers, cold winters and high altitudes contribute to the grapes’ high quality.

God has not cooperated with the Boycott Israel movement.

This winter has been usually cold and wet, just what the grape vines before waking up in the Spring.

Tzvi Ben-Gedalyahu

Dollar-Shekel Rate Breaks 4.0 Barrier

Sunday, January 25th, 2015

The Dollar-Shekel exchange rate broke the 4.0 barrier over the weekend reaching 4.0090 — where 1 US dollar is equal to 4 Israeli Shekels.

This is the first time since September 2012 that the dollar-shekel rate broke the 4.0 mark. The 4.0 mark is considered a significant psychological barrier, and it may mean the dollar will continue to strengthen against the shekel.

A stronger dollar is good for tourists visiting Israel and Israeli exporters.

Economists don’t necessarily believe that a weak shekel is is a bad sign for the Israeli economy, as a variety of factors are influencing the exchange rate, and Israel’s fundamentals are solid.

Jewish Press News Briefs

Shekel-Dollar Rate Soars to 3.96 on Election Talk

Tuesday, December 2nd, 2014

The shekel-dollar rate soared to more than 3.96 on Tuesday for the first time in two years as investors dumped shekels and bought dollars due to the almost certain break-up of the government coalition and the need for new elections that will leave the country without a bona fide budget.

The rate rose by one more than 1 percent. An increase of that size has been very rare since nearly a decade ago when the only question was not whether the shekel would weaken but by how much.

The 2015 budget has not been passed, and new elections are exactly what the economy does not need, except for the media that will profit from advertising and the printing presses that will be running day and night to trash the country with party propaganda.

The big winner of the cheap dollar is exporters. A strong currency makes people feel proud, but a cheap currency always boosts exports since the incoming dollars are converted to shekels. The more shekels the dollar is worth, the more profits a company makes.

The downside is that consumers have to pay more shekels for imports.

Globes quoted FXCM as saying, “If we do have elections before the budget is approved, this will be disastrous for the Israeli economy and will severely damage market confidence, both locally and globally, in the Israeli leadership.”

 

 

Tzvi Ben-Gedalyahu

Printed from: http://www.jewishpress.com/news/breaking-news/shekel-dollar-rate-soars-to-3-96-on-election-talk/2014/12/02/

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