Israeli exports hit a record high of $110 billion in ‎‎2018, up 8 percent from 2017, when exports totaled $103 ‎billion.‎

According to Economy and Industry Minister Eli ‎Cohen, the government’s exports goals are to cross the ‎‎$120 billion mark by 2020. This year’s performance ‎may realize this goal sooner. ‎

According to a report by the Economy and Industry ‎‎‎Ministry and the Israel Export Institute, the ‎increase in Israeli exports exceeds the growth seen ‎in global trade, which in 2018 is expected to reach ‎‎4.2 percent.‎

The data shows that the goods and services sector ‎was the strongest performer in 2018: the export of ‎high-tech services noted a 14 percent increase and a record ‎‎$51 billion, while the export of electronic and ‎chemical goods rose by 3 percent, reaching $60 billion. ‎

Exports to Asia grew by 20 percent in 2018, reaching $10 ‎billion. Exports to the European Union held steady ‎at $16 billion, and exports to the United States amounted to ‎‎$11 billion.‎

IEI CEO Gadi Arieli said that “2019 is likely to see ‎significant challenges for exports given the ‎projected slowdown in global economic activity over ‎the [U.S.-China] trade war.”

Cohen noted that “the international arena poses ‎complex and difficult challenges for Israeli ‎exporters, and I am pleased that the ministry’s ‎various aid programs are helping exporters to cope ‎with international markets.”