Increase affected by 10% jump of Euro against the dollar
Data on market recovery is continuing to stream in. The first half of 2004 saw an 18% surge in industrial exports (excepting diamonds) to the expanded European Union in comparison with the same period last year, totaling $4.07 billion. This report was issued by Export Institute Chairman Shraga Brosh. Brosh noted that the rise was affected by the 10% increase of the Euro against the dollar. Measurements of trading in Euro values indicates a moderate 5% increase.
European imports in the first half of the year totaled $6.2 billion, a 16% rise in comparison with the same period last year (a 3% rise in Euro monetary value). The increase was primarily characterized by the chemical, oil refinery, rubber and plastic product industries. Brosh estimates a 10% growth in exports to Europe in 2004 that would be principally affected by a strengthening Euro against the dollar.
Diamond Comptroller Shmuel Mordechai reports an increase in exports. Net export of polished diamonds (withholding returns) rose in July by 10% to $637 million, in comparison with $531 million in July 2003.