Israel Enjoys Record Level Exports

It doesn’t sound nice to say it, but the Corona crisis actually boosted Israel’s economy

By Israel Today Staff | | Topics: ECONOMY
Exports are up during the Coronavirus crisis.
Photo: Miriam Alster/Flash90

Amid ongoing lockdowns and other limitations to normal life, people around the world are increasingly turning to online and digital alternatives. This is where Israel, the Start-Up Nation, really shines. Israeli companies lead the way in cybersecurity, cloud computing, online gaming and fintech.

Given the success of Israel’s digital economy, the nation’s current account surplus stands at over $20 billion. The account surplus flow of foreign currencies into and out of the Israeli economy as a result of imports and exports of goods, services, capital, direct investment, and more. In other words, the flow of money and goods into Israel was $20 billion higher than the outflow of money and goods.

The current account surplus is a key figure for assessing a country’s creditworthiness. The exchange rate is also heavily influenced by it. In this way, Israel was able to maintain its credit rating despite the political turbulence of recent years. If the new government is stable and passes a state budget, Israel’s rating could even improve.

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