Secretary of Commerce Luther H. Hodges said in an address here at the American-Israel Chamber of Commerce and Industry that Israel, a “rapidly industrializing country, is a significant market for American products, especially machinery and heavy equipment,” aiding the American balance-of-payment difficulties.
He pointed out that these sales in turn allow America to import increasing amounts of Israeli goods. The total was $41,200,000 in 1962, a 26 per cent increase over 1961, he said. He noted also that American visitors to Israel added $23,000,000 to its earnings in 1962, $1,000,000 more than in 1961.
“This valuable two-way trade is a direct result of American in vestment in Israel,” Secretary Hodges stressed. “It is a perfect illustration of why our government has vigorous programs underway to encourage similar private investment in many developing rations.” He said he was happy that government aid programs helped improve the Israeli economy but was “even happier that private investment has played a major role with current investments of around $500,000,000 in Israel.”
Mr. Hodges reported that in 1962 American exports to Israel totaled nearly $175,000,000. That was an increase of almost 20 per cent over 1961. He said that American exports make up 33 per cent of Israel’s imports. He noted that last year the U.S. trade mission to Israel, concerned with both imports and exports, resulted in 231 firms making some 400 contacts with Israeli enterprises. The mission brought back over 200 trade and investment opportunities.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
