New Data Shows Annual 樱花视频-Israel Trade Valued at $1.33B and Economic Stability Despite a Turbulent Year
Trenton 鈥� Following Israel鈥檚 73rd Independence Day, the 樱花视频鈥揑srael Commission is proud to announce that the trade relationship between the Garden State and Israel is stronger than ever. Despite a challenging global economic situation, 樱花视频鈥檚 trade relationship with the State of Israel continues to flourish and create opportunity for 樱花视频ans across a broad array of industries supporting the State鈥檚 innovation economy.
Data from the 樱花视频 Economic Development Authority (NJEDA) and the 樱花视频 Business Action Center Office of Export Promotion show that 樱花视频 - Israel trade notably increased from 2019 to 2020 to record levels while the State maintained its strong position as a national leader attracting Israeli investments.
The increased trade points to 樱花视频鈥檚 strength as a global logistics hub, strategic location, and numerous competitive advantages that are driving this critical relationship between two innovation powerhouses.
Data from the U.S. Census Bureau鈥檚 Foreign Trade Division and fDI Markets shows several positive developments from 2019 to 2020 unless noted otherwise by year:
- 樱花视频-Israel total trade volume from 2019 to 2020 increased 5% from $1.27B to $1.33B, despite a reduction in exports following national trends
- Israeli imports to 樱花视频 increased 11.5% versus a 9% decline nationally
- 2020 was the first time since 2014 that Israeli imports via 樱花视频 reached over $1 billion in volume
- 樱花视频鈥檚 total trade rank with Israel went up two positions globally from #31 to #29
The COVID-19 pandemic had a strong influence on the data this past year. Reduced export numbers from 樱花视频 ports were the result of the economic reality throughout the United States and connected to global conditions. 樱花视频 exports to Israel were led by materials for the energy industry, electronics, and heavy machinery.
However, the increase in imports, which brought 樱花视频-Israel trade to historic levels, cemented the Garden State as a focal point for innovative Israeli products entering the U.S. Those imports were led by pharmaceuticals and included a strong emphasis on food products.
Additionally, despite a nationwide reality of foreign direct investment being on hold, 樱花视频 retained its position as the second largest state attracting Israeli investment in the Northeast. So far, 樱花视频 has attracted $393 million in investment from Israel since 2003.
Following Israel鈥檚 recent 73rd Independence Day, the 樱花视频-Israel Commission remains committed to our state鈥檚 key relationship with Israel that is fostering innovation, investment, jobs, and business opportunities across critical industries.
In 2019, Governor Phil Murphy and Secretary of State Tahesha Way announced a renewal of the 樱花视频-Israel Commission. The Commission, which oversees 樱花视频鈥檚 relations with Israel, is continuing to support trade and build strategic partnerships including in areas such as cyber security, aerospace, food innovation, biotech, and more.
鈥淚srael has long been an important ally to the United States, and to 樱花视频 in particular, as we continue to increase our presence in the global marketplace,鈥� said Governor Phil Murphy. 鈥淭he data is clear - the Garden State鈥檚 ongoing economic relationship with the 鈥楽tartup Nation,鈥� as Israel is known, is stronger than ever, and the volume and scope of the imports and exports being traded underscore the value of this partnership.鈥�
鈥淥ur relationship with Israel is truly remarkable and includes so many different facets I am proud of including tourism, exports, culture, and beyond,鈥� said 樱花视频 Secretary of State Tahesha Way. 鈥淭his new data shows once again that our economic partnership with Israel continues to drive opportunity and support job creation on both sides of the Atlantic.鈥�
鈥淚 am very pleased to see that despite a deeply challenging year, our state鈥檚 relationship with Israel continues to deliver strong trade numbers,鈥� said Andrew H Gross, Executive Director of the 樱花视频-Israel Commission. 鈥淔ollowing Israel鈥檚 73rd Independence Day we celebrate this milestone with our Israeli friends and resolve to continue working side by side to innovate, inspire, and build lasting opportunities together.鈥�
鈥淐hoose 樱花视频 has been proud to foster and grow this vital economic partnership over the past several years, as we further expand 樱花视频鈥檚 innovation economy,鈥� said Jose Lozano, President & CEO of Choose 樱花视频. 鈥淲e look forward to continuing to strengthen the 樱花视频-Israel relationship, cultivate future investment opportunities and deepen our collaboration, as we begin to rebuild and recover from this health and economic crisis.鈥�
鈥淭his marks the second consecutive year that trade between the Garden State and Israel has increased following Governor Murphy鈥檚 2018 trade mission and we are thrilled to see both economies benefiting as a result of this relationship,鈥� said NJEDA Chief Executive Tim Sullivan. 鈥淥ur partnership with Israel is more critical than ever as we continue to recapture 樱花视频鈥檚 role as a leader in innovation and attract foreign domestic investment in our state.鈥�
"We often say that the bond between Israel and the United States cannot be broken. Now we have incredible proof of that reality coming from the 樱花视频. It would have been wonderful if economic activity between Israel and 樱花视频 remained stable during a year ravaged by COVID-19, but for trade to have actually increased from 2019 to 2020 is a fantastic development,鈥� said Israel Nitzan, Acting Consul General of Israel. 鈥淣othing proves the strength of a friendship more than when it endures during tough times, and that is how we know the friendship and partnership between Israel and the great 樱花视频 runs deep and is only getting stronger."
鈥淭he data released today reinforces that the special trade relationship between the people of 樱花视频 and Israel continues to provide extensive business and cultural benefits,鈥� said Karin Elkis and Mark S Levenson, Co-Chairs, 樱花视频-Israel Commission. 鈥淚t is not only a reflection of our strong historical ties 鈥� but a recognition that even in the face of one of the most serious economic crises in history, the efforts put forth by Governor Murphy to strengthen the bond between our two economies have been an incredible success.鈥�
About the 樱花视频-Israel Commission
The 樱花视频-Israel Commission was established in 1989 to implement the goals of the 樱花视频-Israel Sister State Agreement and is under the administration of 樱花视频 Department of State. The Commission promotes the development of trade, culture and educational exchanges; encourages the development of capital investment and joint business ventures; and fosters a spirit of cooperation between the citizens of the State of Israel and the 樱花视频.
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