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Economy of Israel – Overview
The country is the only state in the world with a majority Jewish population, and Israel is also ranked as the 37th largest export economy in the world.
Israel has annual exports of $55.8 billion and imported $61.9 billion of goods in the same period, resulting in a negative trade balance of $6.07 billion.
The GDP of Israel is $318 billion and GDP per capita is $37,900.
The value of Israel’s exports has fallen at an annualized rate of -6.35% in the last five years and imports have increased at an annualized rate of 13.3% during the same period.
Israel’s Top 5 Commodity Exports
|Refined Petroleum||$515 million|
|Tropical Fruits||$223 million|
|Citrus Fruits||$182 million|
Israel’s Other Notable Exports
- Packaged Medicaments – $3.86 billion
- Integrated Circuits – $3.39 billion
- Unpackaged Medicaments – $2.5 billion
- Medical Instruments – $1.54 billion
- Telephones – $1.55 billion
Top export destinations of Israel are the United States ($17.6 billion), Hong Kong ($4.44 billion), the United Kingdom ($3.91 billion), China ($3.33 billion) and Belgium ($2.51 billion).
Israel’s Top 5 Commodity Imports
|Crude Petroleum||$2.11 billion|
|Refined Petroleum||$1.44 billion|
|Rolled Tobacco||$214 million|
Israel's Other Notable Imports
- Diamonds – $6.08 billion
- Cars – $4.96 billion
- Integrated Circuits – $2.68 billion
- Photo Lab Equipment – $1.42 billion
- Packaged Medicaments – $1.33 billion
More Information on Israel’s Imports/Exports
Diamonds are the biggest export market of Israel and account for 28% of their total exports.
Israel is the fourth largest exporter of diamonds in the world and has a 12.2% share of a global market that is worth $127.6 billion annually.
The two major destinations for Israel’s diamond exports are the United States (39%) and Hong Kong (24%).
Global exports of refined petroleum are $504.9 billion and Israel is considered a minor player in this market as the top fifteen countries are responsible for 72.4% of the total exports.
Israel’s refined petroleum exports make up 0.92% of the country’s total annual exports.
The worldwide tropical fruit export market is worth $9.32 billion and Israel is the tenth largest exporter with a 2.4% share of that market.
European countries are the main destination for Israel’s tropical fruit exports and the main recipients are the United Kingdom (19%), France (19%), the Netherlands (18%) and Russia (9.3%).
The worldwide export market for citrus fruits is worth $13.1 billion each year and Israel has a 1.5% share.
France (29%) is the biggest importer of Israel’s citrus fruit exports, followed by Russia (9.5%), the United States (8.8%) and the Netherlands (7.9%).
Total global potato exports are valued at $3.7 billion and Israel is ranked as the 11th largest exporting country with a 2.4% market share.
Potatoes are one of the main vegetables grown in the country and they achieve good yields despite being one of the driest countries in the world, with an average rainfall of just 435mm per year.
A Few Interesting Facts About Israel
- Israel is the only country in the world that has the same name and speaks the same language as it did 3,000 years ago.
- The country has the highest concentration of hi-tech and startup companies worldwide, after the United States.
- Israel is the only country in the world where military service is a mandatory requirement for its women.
All figures based on OEC/IMF 2016 calculations and projections unless otherwise stated.