Israel’s exports are experiencing a downturn

Israel’s exports are experiencing a downturn, according to a latest report by the regime's Export and International Cooperation Institute (IEI).

The IEI report said that Israel‘s exports came to $10.9 billion in the first quarter of 2012 – a 6.5% drop from Q4-2011 and a 5% tumble compared to last year’s first quarter.

One disconcerting trend noted by the IEI was a 16% drop in Israel’s exportsto the European Union, which came to $3.6 billion. EU exports make up 33% of Israel’s overall global exports.

Exports to Asia, which made up 20% of Israel’s exports in Q1-2012, came to $2.2 billion, a 6% decrease from Q4-2011.

IEI Chairman Ramzi Gabay said that should the situation continue, “Exporters may be forced to close down production lines, or opt for overseas outsourcing.

“I urge the government to offer exporters the necessary assistance so they can resume growth,” a scrambling Ramzi appealed.