1st May 2017
Bottom line: Export services, the key sector of Israeli exports and the main driver of long-term economic growth, continue to post solid gains in almost all areas, including tourism and passenger transportation as well as high-tech. Sales of start-up companies fell sharply from the record level reached in January and were slightly below that of February 2016.
- Total service exports for February amounted to $2.91bn. when measured in ‘original data’ terms — i.e. the actual amount of exports. This was some 4% higher than the February 2016 total and a record for February.
- Excluding start-up companies, February 2017 posted service exports of $2.68bn., some 5% higher than the year-earlier month.
- The strongest performances in February came from the non-high tech sectors. Tourism continued its powerful recovery trend, with revenues jumping 18% over February 2016.
- Passenger transportation was even stronger, with a 26% year-on-year rise.
- Export revenues from start-ups fell 1% compared to February 2016 and, at $224mn, were down $300mn from the record level set in January.
N.B. The CBS report of service exports compares the January data to December in seasonally-adjusted terms. IMHO, a more valid and useful comparison is with the same month last year, as presented above.