Year over year, the value of Israeli exports accelerated by 23% from $59.8 billion recorded for 2021.
Applying a continental lens, over one-third (34.6%) of Israel’s exports by value was delivered to European countries while 30% was sold to importers in North America. Israel shipped another 29.3% worth of products to buyers in Asia.
Smaller percentages went to Latin America (4%) excluding Mexico but including the Caribbean, Africa (1.1%), then Oceania (1%) led by Australia and New Zealand.
Israel’s Top Trading Partners
Below is a list showcasing 25 of Israel’s top trading partners, countries that imported the most Israeli shipments by dollar value during 2022. Also shown is each importing country’s percentage consumption of total Israeli exports.
- United States: US$18.7 billion (25.4% of total Israeli exports)
- mainland China: $4.7 billion (6.4%)
- India: $3.9 billion (5.4%)
- United Kingdom: $3.2 billion (4.3%)
- Ireland: $2.6 billion (3.5%)
- Netherlands: $2.42 billion (3.3%)
- Türkiye: $2.36 billion (3.2%)
- Belgium: $2.03 billion (2.8%)
- Brazil: $1.93 billion (2.6%)
- Germany: $1.88 billion (2.6%)
- France: $1.87 billion (2.5%)
- Hong Kong: $1.62 billion (2.2%)
- Italy: $1.53 billion (2.1%)
- Taiwan: $1.40 billion (1.9%)
- Switzerland: $1.38 billion (1.9%)
- South Korea: $1.31 billion (1.8%)
- Spain: $1.21 billion (1.6%)
- Singapore: $1.16 billion (1.6%)
- Japan: $1.13 billion (1.5%)
- Canada: $1.04 billion (1.4%)
- Cyprus: $1.04 billion (1.4%)
- Greece: $683.9 million (0.9%)
- Russia: $648.2 million (0.9%)
- United Arab Emirates: $635.5 million (0.9%)
- Australia: $587.3 million (0.8%)
Over four-fifths (82.8%) of Israeli exports in 2022 were delivered to the above 25 trading partners.
Israel increased its export revenues by the greatest percentages selling to the United Arab Emirates, propelled by a 100.6% gain from 2021 to 2022.
In second place were buyers in Cyprus (up 86.3% from 2021) ahead of Israel’s customers in Switzerland (up 86%), Ireland (up 80.9%), Canada (up 75%), Singapore (up 67.8%), Brazil (up 57.4%) and Greece (up 54.9%).
The lone decliner among the listed importers of Israeli products was the Russian Federation, dragged down by a -16.6% year-over-year reduction.
Countries Causing Israel’s Largest Trade Deficits
Israel recorded an overall -US$34.2 billion product trade deficit for 2022, increasing by 12.2% from the -$30.5 billion in red ink one year earlier during 2021.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Israel incurred the highest trade deficits with the following countries.
- mainland China: -US$14.8 billion (country-specific trade deficit in 2022)
- Türkiye: -$4.4 billion
- Germany: -$4.3 billion
- Italy: -$2.1 billion
- Russia: -$1.8 billion
- South Korea: -$1.2 billion
- Vietnam: -$1.1 billion
- Czech Republic: -$998.2 million
- Japan: -$907.3 million
- Poland: -$870.8 million
Among Israel’s trading partners that cause the greatest negative trade balances, Israeli deficits with South Korea (up 38.5%), mainland China (up 20.3%) and Türkiye (up 17.3%) grew at the fastest pace from 2021 to 2022.
These cashflow deficiencies clearly indicate Israel’s competitive disadvantages with the above countries, but also represent key opportunities for Israel to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Israel’s Best Trade Surpluses
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Israel incurred the highest trade surpluses at the expense of the following countries.
- United States: US$8.5 billion (country-specific trade surplus in 2022)
- Ireland: $1.8 billion
- Brazil: $940.5 million
- United Kingdom: $871 million
- Cyprus: $816 million
- Netherlands: $794 million
- India: $777.7 million
- Canada: $416.1 million
- Slovenia: $375.2 million
- Australia: $373.4 million
Among Israel’s trading partners that generate the greatest positive trade balances, Israeli surpluses with Canada (up 323.3%), Ireland (up 189.5%) and India (up 121%) grew at the fastest pace from 2021 to 2022.
These positive cashflow streams clearly indicate Israel’s competitive advantages with the above countries, but also represent key opportunities for Israel to develop country-specific strategies to optimize its overall position in international trade.
Israeli Export Companies
Ten Israeli corporations rank among Forbes Global 2000. Below is a sample of the world-class Israeli companies that Forbes included.
- Bank Hapoalim (financial institution)
- Bank Leumi (financial institution)
- Check Point Software (information systems)
- Delek Group (investment services)
- FIBI Holdings (regional bank)
- IDB Holding (investment services)
- Israel Corp (investment services)
- Israel Discount Bank (regional bank)
- Mizrahi Tefahot Bank (regional bank)
- Teva Pharmaceutical (health care)
Shown within parentheses is the industry in which each country operates.
See also Israel’s Top 10 Imports, Israel’s Top 10 Exports, Palestine’s Top 10 Exports, Lebanon’s Top 10 Exports and Diamond Exports by Country
Research Sources:
Central Intelligence Agency, The World Factbook Middle East: Israel. Accessed on May 15, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 15, 2023
International Trade Centre, Trade Map. Accessed on May 15, 2023
Investopedia, Net Exports Definition. Accessed on May 15, 2023
Wikipedia, Israel. Accessed on May 15, 2023
Wikipedia, List of Companies of Israel. Accessed on May 15, 2023
World’s Capital Cities, Capital Facts for Jerusalem, Israel. Accessed on May 15, 2023
