Israel Economy Overview
Israel’s economy is ranked #31 in the world in terms of GDP. The country has annual exports of $59 billion and imports of $76.6 billion, resulting in a negative trade balance of -$17.6 billion.
This guide provides an overview of Israel’s economy, including the country’s primary imports and exports.
Israel’s Top Exports
Here is a breakdown of the most important products exported by Israel, both commodities and other notable exports.
- Diamonds – $10.7 billion
- Refined petroleum – $2.76 billion
- Citrus – $229 million
- Petroleum gas – $153 million
- Cement – $132 million
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Other Notable Exports
- Packaged medicaments – $4.04 billion
- Integrated circuits – $2.63 billion
- Other measuring instruments – $1.45 billion
- Medical instruments – $1.21 billion
- Broadcasting equipment – $1.04 billion
Israel’s Top Imports
Here is a breakdown of the most important products imported by Israel, both commodities and other notable imports.
- Crude petroleum – $7.23 billion
- Diamonds – $6.76 billion
- Refined petroleum – $1.8 billion
- Coal briquettes – $756 million
- Wheat – $345 million
Other Notable Imports
- Cars – $4.54 billion
- Photo lab equipment – $1.79 billion
- Broadcasting equipment – $1.56 billion
- Packaged medicaments – $1.46 billion
- Integrated circuits – $1.1 billion
GDP of Israel
The latest reported GDP of Israel (2018) is $371 billion, representing a GDP per capita of $41,715. Between 2008 and 2018, the country recorded GDP growth of 71.5%. GDP per capita grew by 41.1% in the same period.
Details on Israel’s Imports/Exports
Diamonds are the biggest export market of Israel and account for 18.1% of their total exports.
Israel is the fourth-largest exporter of diamonds in the world and has a 9.25% share of a global market that is worth $116 billion annually.
The two major destinations for Israel’s diamond exports are the United States (67.3%) and India (8.98%).
Global exports of refined petroleum are $753 billion. 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 4.67% of the country’s total annual exports.
The worldwide tropical fruit export market is worth $13.2 billion and Israel is the ninth-largest exporter with a 2.65% share of that market.
The worldwide export market for citrus fruits is worth $15.2 billion each year and Israel has a 1.51% share.
France (27%) is the biggest importer of Israel’s citrus fruit exports, followed by the United States (6.91%) and the Netherlands (7.8%).
Total global potato exports are valued at $4.21 billion. Israel is ranked as the 12th largest exporting country with a 1.86% 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.
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.
Interested in Trading Commodities?
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Sources and Further Reading
- All figures are based on OEC 2018 calculations and projections unless otherwise stated.
- Learn more about the state of world government debt from our country debt clock pages.
- See our global economic indicator guide to more than 45 other countries.
- Get our full guide to trading commodities.
All currency is reported in US dollars.