The UK government has released its latest figures on bilateral trade and investment between the UK and Israel showing some promising results between the two countries.
In recent months, trade has increased a healthy 33%, a newly released factsheet from the Department for Trade & Investment announced.
The report on 2nd November 2022 states:
Total trade in goods and services (exports plus imports) between the UK and Israel was £6.1 billion in the four quarters to the end of Q2 2022, an increase of 33.1% or £1.5 billion from the four quarters to the end of Q2 2021. Of this £6.1 billion:
• Total UK exports to Israel amounted to £3.0 billion in the four quarters to the end of Q2 2022 (an increase of 13.7% or £356 million compared to the four quarters to the end of Q2 2021);
• Total UK imports from Israel amounted to £3.1 billion in the four quarters to the end of Q2 2022 (an increase of 58.9% or £1.2 billion compared to the four quarters to the end of Q2 2021).
For goods traded from the UK to Israel, the top items traded are whisky, chocolate and breakfast cereals, whereas the main things traded from Israel to the UK are medicines, fruit and vegetables.
There is also a growing increase in the trade of services between the countries with UK exports of services to Israel increased by 40%.
Israel is now the 39th largest trading partner to the United Kingdom, representing 0.4% of total UK trade. In contrast, the UK is one of Israel’s largest trade partners in Europe, highlighting the difference in the size of the economies.
Trade between the two countries is also mutually beneficial to the countries’ workforces. Israel’s exports to the UK support around 39,000 jobs in the UK while the UK’s exports to Israel support around 33,000 jobs in Israel.