Israel: Export of Services decreases 6.2 per cent in November 2024
Israel's Hi-Tech Service Exports Drop Amid Iron Swords War
In November 2024, Israel experienced a notable decline in the export of services, as reported by Israel's Central Bureau of Statistics. The total export of services, excluding start-up companies, fell by 6.2% compared to the previous month. Specifically, the hi-tech industries saw a 7.4% decrease in service exports, following a 10% increase in the prior month.
The ongoing Iron Swords War has significantly impacted tourism services, with a noticeable decline in export data starting from November 2023. In November 2024, the hi-tech industry's service exports, excluding start-ups, decreased by 4.7%, amounting to approximately USD 4.5 billion. This sector represented about 80% of the total export of business services, excluding start-up companies, during this period.
Doubts Revealed
Hi-Tech Service Exports
These are services related to advanced technology industries, like software and IT services, that are sold to other countries.
Iron Swords War
This is a conflict or war that started in November 2023, affecting various sectors in Israel, including tourism and technology.
Service Exports
These are services provided by a country to other countries, like tourism, banking, or technology services, which earn money for the country.
Start-ups
These are new and small businesses that are just beginning to develop, often in the technology sector.
USD 4.5 billion
This is the amount of money, in US dollars, that Israel earned from hi-tech service exports, which is a very large sum.
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