In response to Israel’s military actions in the Gaza war and the expansion of illegal settlements in the occupied West Bank, the UK government suspended free trade negotiations with the country on Tuesday.
Foreign Secretary David Lammy told the parliament that the UK government could not continue discussions with an Israeli government that was pursuing “egregious policies” in Gaza and the occupied West Bank.
The UK, France, and Canada all issued threats to take “concrete actions” against Israel the day after it retaliated and lifted Gaza aid restrictions.
Meanwhile, EU foreign policy chief Kaja Kallas confirmed on Tuesday that the bloc had voted to review its trade cooperation agreement, prompting the European Union to make another step toward reevaluating its relationship with Israel.
What is the value of the Israeli-UK trade?
In July 2022, the United Kingdom and Israel began discussions over a modernized Free Trade Agreement (FTA), which would improve their economic partnership by addressing issues that are not covered by their current trade agreements, particularly those relating to services and digital trade.
The UK ranked as Israel’s 11th largest importer in 2024, according to United Nations Comtrade, a global database of official international trade statistics. Imports totaled about $1.96 billion in that year. Machinery, electrical equipment, pharmaceuticals, and vehicles were the main imports from the UK, along with the UK’s main products.
In contrast, Israel was the country’s eighth-largest exporter, with exports of about $ 1.57 billion, primarily of diamonds, chemical goods, machinery, and electronics.
What are Israel’s biggest imports and exports?
In 2024, Israel’s global trade totaled $ 91.5% of imports and $ 61.7% of exports.
Among Israel’s most notable imports are:
- approximately $19 billion in electrical equipment, electronics, and mechanical appliances.
- approximately $10 billion worth of vehicles, including cars, trucks, buses, and airplanes.
- $ 8 billion in chemical products, including pharmaceuticals.
- $ 7 billion is made up of mineral products, including coal, cement, and petroleum.
- $4 billion worth of gems and jewelry, including diamonds.
Among Israel’s top exports are:
- approximately $18 billion in electrical equipment, electronics, and mechanical appliances.
- $10 billion in pharmaceuticals and related chemicals.
- $9 billion worth of gems and jewelry, including polished diamonds.
- $7 billion in optical, technical, and medical equipment.
- $5 billion in mineral products
Important players in Israel’s electronics industry are responsible for the country’s export economy, including Elbit Systems and Orbotech, which are renowned for their expertise in military electronics and advanced manufacturing, as well as Intel, which runs large-scale chip factories.
Israel is one of the largest producers of generic drugs in the world, led by multinational corporations like Teva Pharmaceuticals.
Israel is also a global leader in the diamond trade, importing tons of dollars worth of rough diamonds domestically before being exported.
Which nations purchase Israel the most?
Israel sold $61.7bn worth of goods in 2024. The United States, Ireland, and China imported the most products from Israel, respectively, with $3.2 billion and $2.8 billion. An additional $ 2 billion in products came from Israel, which is a semi-autonomous region of China that trades databases as a separate entity. Add that to China’s total, and the country becomes the second-largest importer of Israeli goods.
- Diamonds, high-tech electronics, including those made of integrated circuits and electronic equipment, as well as chemical goods, were primarily imported by the United States.
- In 2024, Ireland imported about $3 billion worth of microassemblies and electronic integrated circuits, making up the majority of the market for Israeli integrated circuits. These components are frequently employed in Ireland‘s manufacturing industries for pharmaceuticals, medical devices, and technology.
- A wide range of Israeli products, including electronic components, chemical products, and optical equipment, were imported from China.
The 117 nations or territories that purchased Israeli goods in 2024 are listed in the table below. Use the search box to search for any nation.
Which nations offer Israel the highest sales?
In 2024, Israel purchased $ 91.5 billion worth of goods from all over the world. China exported $9.4 billion, followed by the United States and Germany, who exported $5.6 billion.
- Electric vehicles, mobile phones, computers, and metals were the main exports from China.
- Israelis were sold by the United States , which also sold electronics, chemicals, and diamonds. US military aid, which is largely used to buy American-made weapons, effectively boosts US exports.
- Germany exported goods, including electronics, machinery, pharmaceuticals, and automobiles.
Source: Aljazeera
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