Israeli Exports to Egypt Soar; Imports From Egypt Plunge

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Israeli exports to Egypt quadrupled in the first quarter, and its exports to Jordan rose 30%, Yossi Greenstein reports. Meanwhile, Egypt's exports to Israel plunged by 72%, and Israeli exports to Turkey and Greece fell 41% and 16%, respectively.

Israeli exports to countries in the region are marked by sharp fluctuations: In the first quarter of the year, Israeli exports to Egypt and Jordan have soared, while exports to Turkey and Greece have plunged, according to foreign-trade data recently released by Israel's Central Bureau of Statistics.

Israeli exports to Egypt have soared in the first quarter of the year, to a record sum of $94 million — quadruple that of the corresponding quarter last year, which stood at a mere $23 million, notwithstanding the events in Egypt, which have adversely affected its economic situation. In March 2012 alone, Israeli exports to Egypt reached a record sum of $48 million, as compared to $11 million in March 2011. At the same time, imports from Egypt to Israel nose-dived by 72% in the first quarter of 2012.

Israeli exports to Jordan have also increased significantly in the first quarter of 2012 — at a sharp rate of 31% — amounting to $56 million, compared with $39 million in January to March 2011.

On the other hand, Turkey and Greece have enjoyed fewer Israeli-made products. Israeli exports to Turkey plummeted in the first quarter of the year by 24%, to $384 million, compared to $510 million in the corresponding quarter last year. In March 2012 alone, exports to Turkey dropped by 41% — from $235 million in March 2011 to only $140 million. Israeli exports to Greece, which is grappling at present with a recession and a grave debt crisis, have declined by 16% in the first quarter of the year, falling to $36 million.

Found in: turkey, jordan, israel, greece, egypt
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