Overview: In 2018 Israel was the number 31 economy in the world in terms of GDP (current US$), the number 51 in total exports, the number 43 in total imports, and the number 19 most complex economy according to the Economic Complexity Index (ECI). In 2018, Israel exported $59B and imported $76.6B, resulting in a negative trade balance of -$17.6B. In 2018, Israel's exports per capita were $6.65k and its imports per capita were $8.63k.
In 2018 Israel exported a total of $59B, making it the number 51 exporter in the world. During the last five reported years the exports of Israel have changed by -$11.8B from $70.8B in 2013 to $59B in 2018.
In 2018 Israel imported $76.6B, making it the number 43 trade destination in the world. During the last five reported years the imports of Israel changed by $11.9B from $64.8B in 2013 to $76.6B in 2018.
In 2018, Israel exported $27.9B worth of services. The top services exported by Israel in 2018 were Miscellaneous business, professional, and technical services ($10.4B), Personal travel ($5.51B), Transportation ($4.46B), Royalties and license fees ($2.2B), and Business travel ($1.74B).
The top services imported by Israel in 2018 were Transportation ($7.9B), Travel ($7.67B), Miscellaneous business, professional, and technical services ($7.12B), Financial services ($855M), and Construction services ($765M).
This section shows forecasts for total product exports and imports for Israel. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*The tariffs applied to imports for Israel are:102: Canada - Israel Free Trade Agreement128: Israel - Palestinian Authority customs union (internal border checks)134: Mexico Free Trade Agreement136: Most Favoured Nation duty rate treatement163: Preferential tariff for Argentina173: Preferential tariff for Brazil217: Preferential tariff for European Free Trade Association (EFTA) countries219: Preferential tariff for European Union countries (AA) Association Agreement247: Preferential tariff for Jordan288: Preferential tariff for Paraguay330: Preferential tariff for Uruguay382: Turkey Free Trade Agreement387: United States - Israel Free Trade Agreement
During the last 20 years Israel's economy has become relatively less complex, moving from the 16th to the 19th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
Israel has a high level of specialization in Phenol Derivatives (58.8), Phosphatic Fertilizers (42.7), Tool Plates (37.8), Halogens (36.2), and Diamonds (28.8). Specialization is measured using RCA, an index that takes the ratio between Israel observed and expected exports in each product.
The top export opportunities for Israel according to the relatedness index, are Laboratory Reagents (0.23), Hard Liquor (0.23), Revenue Stamps (0.23), Collector's Items (0.23), and Scrap Lead (0.23). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Israel is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities.
Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.
Israel
