Israel Export Institute reveals exports to European Union totaled $1.9 billion in July-Aug 2012 – down 21% from last year, but Israeli exports to US up 16%

By Hadar Kane, Calcalist

Exports to the European Union totaled $1.9 billion in July and August 2012, a 21% drop compared to the same period last year and an 8% drop compared to the two previous months, according to an analysis of the economics division at the Israel Export & International Cooperation Institute (IEICI).

US passes EU in Israeli export volumes – Photo: Index Open

The analysis reveals that the export of goods (excluding diamonds) totaled some $7.7 billion in July-August 2012 – a 3.5% drop compared to the same period last year and a 6% increase compared to May-June 2012.

IEICI economists noted that the EU’s part in total Israeli exports fell to 25% in July-August from 30% in the same period last year.

On the other hand, exports to the United States soared 16% compared to the same period last year, and 31% compared to the two previous months.

For the first time since late 2010, the US passes the EU in terms of export volumes, and its part in total exports from Israelis up to 29% in July-August 2012 from 24% in the same period in 2011.

Exports to Asia in July-August 2012 totaled $1.8 billion – a 13% increase compared to the same period last year and a 3.5% drop compared to the two previous months.

IEICI Chairman Ramzi Gabai noted that this was the lowest level of exports to the EU in the past three years.

According to Gabai, the economic situation of EU countries continues to affect the volume of Israeli exports. However, the appreciation of the US dollar at an average rate of 14% compared to the same period last year partially explains the drop in export volumes.

View original Ynet publication at: http://www.ynetnews.com/articles/0,7340,L-4288476,00.html