Israeli exports to in Q1 down 6.5%

A 16% drop was reported in exports to the EU, while there was a 3% increase in US exports
 
The Israel Export and International Cooperation Institute (IEI) reported last Tuesday that in the first quarter of 2012, Israel's exports came to US$10.9 billion - a 6.5% drop from Q4-2011 and a 5% drop compared to last year's first quarter.
 
One disconcerting trend noted by the IEI was a 16% drop in Israel's exports to the European Union, which came to US$3.6 billion. EU exports make up 33% of Israel's overall global exports.
 
Exports to Germany was down by 15% (US$410 millions); exports to Italy down 12% (US$350 million); exports to Belgium down by 4% (US$210 millions); and exports to Cyprus down by 7% (US$220 millions).
 
Exports to Asia, which made up 20% of Israel's exports in Q1-2012, came to US$2.2 billion, a 6% decrease from Q4-2011, but a 7% rise from Q1-2011.
 
Exports to the US, which made up 21% of Israel's exports in the first quarter, added 3% and amounted to $2.4 billion. Still, US exported dropped 23% compared to Q1-2011.