Diamonds Lead in Israel’s H1 Exports to Asia

Israel’s exports to Asia in the first half of this year jumped by a third on the year-earlier period to $2.78 billion, with diamonds accounting for 42 percent of the exports, or $1.18 billion.

While diamonds continue to be a central component of Israeli exports to Asia, according to the Ministry of Trade, Industry and Labor, the outstanding feature of Israel’s exports to Asia in recent years is the decline in the percentage those exports and a corresponding rise in the proportion of exports of high-tech goods and medical equipment.

Among the highest rises in overall exports were those to India, China and Hong Kong. Exports to India soared 57 percent to $494 million, with diamonds and precious stones accounting for 76 percent of the total.

Exports to China jumped 47 percent to $358 million, with diamonds making up 14 percent of the total – a rise of 38 percent on the first half of last year.

Israeli exports to Hong Kong increased 39 percent to $619 million, with diamonds and precious stones accounting for 85 percent of the total – a rise of 47 percent on the first half of last year.

Exports to Asia accounted for 17 percent of total Israeli exports compared with 15 percent in the first half of 2003.

Meanwhile, imports from Asia in the first six months of this year were up 34 percent on last year to $3.22 billion, with diamonds accounting for 23 percent of the total.

Imports from India rose 30 percent to $547 million, with diamonds and precious stones making up 73 percent of imports, while imports from Hong Kong rose 23 percent to $503 million, with diamonds and precious stones accounting for 42 percent of imports.