The U.S. is Israel's largest single country trade partner. Since signing a Free Trade Agreement in 1985, Israel–US trade has grown more than nine-fold. Since 1995 nearly all trade tariffs between the U.S. and Israel have been eliminated.
2011 GDP growth remained at 4.8%, the same level as in 2010. In 2009, the economy grew by 0.8%.
Israel’s GDP in 2011 was $241 billion.
2011 Per-Capita GDP grew by 2.9% to $31,102. In 2010, Per Capita GDP was $29,000, with a 2.9% growth rate. In 2009, Per Capita GDP contracted at -0.9%.
Israel’s 2011 inflation rate was 2.1%. Inflation in 2010 was 2.7%; in 2009: 3.9%.
Israel’s 2011 unemployment rate was below 6%, declining from 6.7% in 2010 and 7.5% in 2009.
In 2011, exports of U.S. goods to Israel (not including diamonds) reached $8 billion. In2010: $6.8 billion. In 2009, exports of U.S. goods to Israel totaled US$6.3 billion. (Diamonds: 2009 $3.2 billion 2010 $4.5 billion 2011 $5.9 billion.
U.S. imports from Israel in 2011 (not including diamonds): $13.8 billion. In 2010: $13.2 billion. U.S. imports from Israel in 2009 totaled $13.2 billion. (Diamonds: 2009 $ 5.6 billion, 2010 $7.8 billion, 2011 $9.2 billion.)
Hi-tech and defense dominate Israel's trade numbers, and Israel remains a global center for hi-tech design and R&D. Hi-tech continues to provide opportunities for U.S.-Israel commercial partnerships, specifically in ICT technologies, safety and security equipment and services, natural gas and renewable energy technologies, defense equipment, medical technologies and biotechnology products. Power generation and education/training also represent good opportunities.
U.S.-Israeli commercial linkages often consist of U.S. firms providing electronic inputs which Israeli firms integrate into final products destined for re-export.
Road technology and infrastructure projects could offer millions of dollars worth of export opportunities for U.S. firms over the next five years, especially since Israel adopted U.S. standards in intelligent transportation systems.
Recent offshore gas discoveries have the potential of dramatically transforming Israel’s energy economy by making Israel an energy exporter; $ Billions will likely be spent over the next 10 years to develop this resource.