The export of services of the high-tech industries (excluding start-up companies) decreased by 1.8% in May 2022 and amounted to 4 billion dollars – this is what the Central Bureau of Statistics announced today (Monday). The export of the services of the high-tech industries (without the start-up companies) includes the export of medicines, computers, electronic equipment, aircraft, communication services, software, and more, and constitutes 74% of the total export of business services.
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The decrease in Israeli exports in May reflects the economic slowdown in countries overseas due to the increase in inflation and the tightening of financial cells by the central banks. The total export of services from Israel (not including the start-up companies) after deducting the seasonal effect decreased by 3.8% in May and amounted to 7 billion dollars. The export of services resulting from the start-up companies amounted to $39 million in May 2022.
At the same time, the trend data for the export of services in the high-tech sector still indicate an increase, although more moderate compared to the last few months. For comparison, in the first quarter of 2018 there was a 33% increase in the total export of services compared to the first quarter of last year. The export of services without the start-up companies increased by 31% in the first quarter of 2022 compared to the first quarter of last year.
Let’s recall that Israeli exports of goods and services amounted to approximately 143 billion dollars in 2021 – an all-time record. Beyond that, the export of services from Israel exceeded the export of goods for the first time last year.
The Ministry of Economy and Industry estimates that the year 2022 is expected to break another record in Israeli exports, which are estimated to reach 165 billion dollars.