Import to Israel
The import industry in Israel is a multi-billion dollar giant, dealing with goods like diamonds, cars, crude petroleum, laboratory equipment, etc. As of 2017, Israel was the 46th largest importer in the world, importing an estimated $62.5 Billion worth of goods. Owing to Israel’s gargantuan import volume, international powerhouses like the US, China, Switzerland, India, etc., have shown a keen interest in forming strong trade relations with the country. In the last 5 years, import to Israel increased at an annualized rate of 0.6%.
Statistical Trends: An Overview of Israel’s Import Scenario
Israel’s Top Imports include Diamonds, Crude Petroleum, and Cars, constituting around $5.87 Billion, $3.98 Billion, and $3.79 Billion of the import trade, respectively (as of 2017.) The top import preferences of Israel are the US, China, Switzerland, Germany, and Belgium-Luxembourg, each of which accounted for $6.93 Billion, $5.91 Billion, $4.67 Billion, $4.18 Billion, and $3.91 Billion of the import trade, respectively. Due to Israel’s limited land and water resources, the country has a tendency to import large volumes of agricultural products, which were worth an estimated $6.92 Billion in the year 2018.
2020: What Lies In Store For The Israeli Import Industry?
As of December 2019, import to Israel increased 15.1% YoY to $7.11 Billion, one of the highest increase rates seen in the past 50 years of the country’s trade activities. According to OECD’s economic forecast, Israel’s economy is expected to see a slow yet stable growth rate of 2.9% in 2020 and 2021. The Import sector in Israel is also predicted to experience an increase, presumably due to the influx of goods like machines and mineral products. A forecast by Trading Economics. Com predicts Israel imports to trend around $6.97 Billion in 2020.