Israeli export of hi-tech, one of the country’s most important sectors, has declined in 2019 and is expected to decrease by 4.1% by the end of the year, according to a report published by Israel’s Central Bureau of Statistics (CBS) on Thursday.
Hi-tech accounts for approximately 37% of all industrial exports in Israel and contributes immensely to Israel’s annual growth. The decline in exports may, therefore, be a cause for concern for the entire Israeli economy.
However, the exports of Israeli goods in the hi-tech sector may not fully encapsulate the health of the entire sector, as much of the Israeli hi-tech market is made up of start-ups that have yet to reach the stage of market-ready products.
Another important aspect of the Israeli hi-tech sector’s strength is the size of its workforce, which has grown substantially in the past year, surpassing 300,000 workers and reaching 8.7% of Israel’s job market in 2019.
The report published by CBS examined Israel’s foreign trade of goods in November and found that the country’s trade deficit in goods totaled NIS 3.4 billion for that month.
In November, Israel exported NIS 16.1 billion and imported NIS 19.5 billion worth of goods. Since the beginning of the year, Israel has exported NIS 170.1 billion and imported NIS 244.5 billion worth of goods, bringing the country’s trade deficit since the beginning of the year to NIS 74.4 billion.