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.