Israel's Service Exports See Significant Decline Amid Ongoing Conflict

Israel's Central Bureau of Statistics reports a 6.2% decline in service exports in November 2024, heavily influenced by the ongoing Iron Swords War. The hi-tech industry services, excluding start-ups, saw a 7.4% drop following a previous 10% increase, amounting to USD 4.5 billion.

In an unsettling turn of events, Israel's Central Bureau of Statistics has revealed a significant 6.2% reduction in the nation's total service exports for November 2024. This troubling decline in figures excludes contributions from start-up companies.

The data highlights a stark contrast within the hi-tech industries, with service exports plummeting by 7.4% compared to a 10% surge seen the previous month. This sector, which plays a crucial role in Israel's economy, amassed USD 4.5 billion in November alone, comprising about 80% of business service exports, excluding start-ups.

Economic analysts attribute this downturn to the ongoing Iron Swords War, which has evidently impacted tourism services and triggered changes in export patterns starting from November 2023.

(With inputs from agencies.)