Thanks to high-tech, Israel exports projected to reach record $140 billion in 2021

Israel's exports are on course to hit a record high of as much as $140 billion in 2021, up 18% from last year, with the high-tech sector leading the way, the Economy and Industry Ministry said on Monday.

The ministry noted that its projection was based on data from the first three quarters of the year. It said that for the first time, service exports (51% of total exports) look to exceed exports of goods (49%).

Exports resulting from the sale of start-up companies jumped 257%, helping to push service exports up 30%. Some 39% of exports go to European markets, followed by American markets at 33% and Asia at 25%, the ministry said.

"This is not a correction after the corona year but a clear significant growth in Israeli exports," said Ohad Cohen, head of the ministry's Foreign Trade Administration, pointing to exports of $117.5 billion in 2019.

"This growth comes despite the fact that the tourism sector has not yet returned to full strength in the last year and although the corona challenges in the target markets have continued and even increased recently."