The British and Israeli currency devaluations will give the British automotive and machinery industries a big advantage over their American and Continental competitors in the Israeli market, according to the London Financial Times.
Prices of the British cars and machinery exported to Israel will remain more or less on the same level as before devaluation, since the exchange rate between sterling and the Israel pound remained unchanged. Imports from America and other countries which did not devalue will, however, be about 15 percent higher in cost. Last year, when Israel’s imports were sharply restricted by the recession accompanying the realignment of the Israeli economy, Britain sold motor vehicles to the value of $33.6 million to Israel. Sales were considerably higher in the boom year of 1965.
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