According to the Economy Ministry, Israel’s exports are predicted to have increased by more than 10% to a record high of at least $160 billion in 2022, led by services.

Exports, which account for more than 30% of Israeli economic activity, reached $144 billion in 2021, when services surpassed goods as the country’s principal export category for the first time, reported Reuters.

According to the ministry, services will likely account for 51% of overall exports in 2022, headed by high-tech categories such as programming and research and development.

If the pace from the first three quarters of this year is maintained, the ministry predicted that overall exports might reach $165 billion.

“2023 carries with it the dangers of a global recession, localization in many countries and difficulties in supply chains,” said Ron Tomer, the president of the Manufacturers’ Association of Israel.

The Israeli economy is expected to grow by 6% this year but only 3% in 2023, according to the report.

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