Press release issued by Mr. Yechiel Asia, Director General of the Israel Export & International Cooperation Institute, for the year 2007 show that total exports in 2007 was up 5% , to US$18.9 billion.
Asia noted that an analysis prepared by the economic unit of the institute show that 35% of Israel's total exports go to the USA.
The analysis also show that exports to the USA is, to large extent, influenced by diamond exports which account to 48% of total exports to the USA.
The analysis predicts that exports of machinery and electrical equipment would increase by 11% compared to last year and would reach US$3.1 billion.
Exports of optical equipment, which account for 6% of Israel's exports to the USA, is expected to increase by 3.5%. Exports of metals will go up by 1% but textiles will go down by 14.5% to US$492 million.
Chemicals which account for 17% of total exports will go down by 3% compared to last year, to US$3.2 billion. In 2007 total exports is estimated to reach US$54 billion and in 2008 to increase further by 12% to US$60 billion.