Israel’s exports rose considerably during the first 10 months of 1967, despite the “massive dislocation” of Israel’s economy caused by the Six-Day War, the Trades Advisory Council reported here today. The Council is an association of Jewish businessmen and industrialists in this country interested in tightening British-Israeli economic relations.
According to the Council’s figures, Israel’s exports during the first 10 months of 1967 totaled $445 million, compared to $419 million in the same period of 1966. There are negative factors, however that must be taken into account, the Council warned. These factors involve the virtual boycott of Israeli goods imposed for political reasons by the East European countries, with the exception of Rumania; and an apparent drop in West European and American purchases of cut and polished diamonds, Israel’s largest export in terms of value.
The Council reported that Israel’s currency reserves stand at $750 million and have apparently not been affected by the recent devaluation of the pound.
At the pre-devaluation rate of exchange of $2.80 per pound sterling, Israel imports from Britain in 1966 amounted to 57 million pounds sterling ($159,600,000). During that year, British exports to Israel amounted to 27 million pounds sterling ($75,600,000), exceeding the British exports to the Soviet Union for 1966. The Council’s report said that British business circles are understood to be optimistic regarding an increase in British-Israeli trade.
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