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Foreign Trade in Figures

Israeli foreign trade represents 61% of the country's GDP (World Bank, latest data available). The main goods imported by Israel include machine and electronics manufacturing (15%), machinery and equipment (8.5%), chemical products (6.9%), and furniture and electrical equipment (5.3%). In 2022, manufacturing, mining and quarrying exports (excluding diamonds) constituted 91% of all exported goods, exports of diamonds represented 8% and the remaining 1% were agriculture, forestry and fishing exports (data CBS). A breakdown by economic activity points to a 91% increase in the exports of pharmaceutical products, with electronic components and boards rising by 31.7% compared with 2021.

In terms of geographic origin, imports came chiefly from China (13.3%), the U.S. (9%), Germany (6.6%), Switzerland (5.7%) and Turkey (5.3%); whereas exports were directed mainly towards the U.S. (by far the largest partner, accounting for 27.7% of total exports), China (6.8%), India (5.7%), the UK (4.6%), and Ireland (3.8% - data CBS 2022). The EU as a whole accounted for 27% of total exports and 32% of imports. Israel has a liberal import policy: in addition to the Free Trade Agreement (FTA) with the United States, Israel has FTAs with Canada, Turkey, the EU and EFTA. Furthermore, in 2022 it signed an FTA with the United Arab Emirates.

Israel’s balance of trade for goods is structurally negative, but the one of services is positive thanks to strong exports of high-tech services, such as computer consulting services, computer services and software. According to WTO’s latest data, in 2022 merchandise exports reached USD 73.5 billion (+22.3% y-o-y), while imports amounted to around USD 107.2 billion (+16.4%). In the same year, exports of services reached USD 90.8 billion, with imports standing at USD 43.2 billion (+26.3% and +36.2%, respectively). Thanks to the contribution of services, the World Bank estimated the country’s trade balance to be positive by 3% of GDP in 2022. According to the Israeli Statistics Office (CBS), in 2023 the trade deficit (goods only) decreased by 12.8% year-on-year, as exports of goods declined by 3.7% and imports by 6.6% (to ILS 234.8 and 337.7 billion, respectively).

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 76,59876,59169,26092,155107,269
Exports of Goods (million USD) 61,95258,50750,15260,15973,585
Imports of Services (million USD) 30,80632,23723,93631,71343,207
Exports of Services (million USD) 50,64055,52853,57271,92190,866

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 58.956.350.955.060.5
Trade Balance (million USD) -16,725-15,325-11,426-21,664-26,106
Trade Balance (Including Service) (million USD) 3,1257,27816,80117,55615,423
Imports of Goods and Services (Annual % Change) 7.23.2-8.120.611.7
Exports of Goods and Services (Annual % Change) 5.73.7-2.714.68.3
Imports of Goods and Services (in % of GDP) 29.027.023.225.528.6
Exports of Goods and Services (in % of GDP) 29.929.327.729.531.9

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -2.30.23.33.43.5
Volume of imports of goods and services (Annual % change) -5.40.74.64.64.5

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Israel is a member of the following international economic organisations: IMF, OECD, Black Sea Economic Cooperation Zone (BSEC) (observer), ICC, WTO, among others. For the full list of economic and other international organisations in which participates Israel click here. International organisation membership of Israel is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Israel can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2022
United States 25.7%
China 6.4%
India 4.6%
United Kingdom 4.3%
Ireland 3.5%
See More Countries 55.5%
Main Suppliers
(% of Imports)
2022
China 12.2%
United States 9.0%
Germany 6.6%
Switzerland 5.7%
Türkiye 5.3%
See More Countries 61.3%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

72.6 bn USD of products exported in 2022
Diamonds, whether or not worked, but not mounted...Diamonds, whether or not worked, but not mounted or set (excl. unmounted stones for pick-up styluses, worked stones, suitable for use as parts of meters, measuring instruments or other articles of chapter 90) 15.0%
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 6.8%
Prepared binders for foundry moulds or cores;...Prepared binders for foundry moulds or cores; chemical products and preparations for the chemical or allied industries, incl. mixtures of natural products, n.e.s. 4.5%
Mineral or chemical fertilisers containing two or...Mineral or chemical fertilisers containing two or three of the fertilising elements nitrogen, phosphorus and potassium; other fertilisers (excl. pure animal or vegetable fertilisers or mineral or chemical nitrogenous, phosphatic or potassic fertilisers); animal, vegetable, mineral or chemical fertilisers in tablets or similar forms or in packages of a gross weight of <= 10 kg 3.5%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.4%
See More Products 66.8%
107.8 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 9.1%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 6.1%
Diamonds, whether or not worked, but not mounted...Diamonds, whether or not worked, but not mounted or set (excl. unmounted stones for pick-up styluses, worked stones, suitable for use as parts of meters, measuring instruments or other articles of chapter 90) 5.8%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 2.8%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 2.4%
See More Products 73.8%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Actualitzacions: April 2024

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