Exports fell to a seasonally adjusted monthly average of US$973 million in March-April, from over US$1 billion in January-February 2010
The Israel Export and International Cooperation Institute (IEICI) reported last week that the first signs of the impact of the Euro crisis on Israeli exports to the Euro block have emerged.
Israeli exports to the EU fell by 6% in March-April 2010.
The IEICI noted that exports fell to a seasonally adjusted monthly average of US$973 million in March-April, from over US$1 billion in January-February 2010.
Export Institute director general Avi Hefetz added in a press release that this was the first two-month drop in Israeli exports to the EU since the beginning of recovery of exports to Europe, in April-May 2009.
Hefez also noted that the export figures were the first economic sign of the impact of the Euro crisis on Israeli exports.
Although export deliveries to the EU are for previously signed contracts, the IEICI believes that the shekel's strong appreciation vis-א-vis the Euro, and the sharp decline in economic activity in Europe, will undoubtedly affect Israeli exports to the EU not only in the coming months but also throughout 2011.