Australia-Israel Trade Figures on the Rise
The Israel Trade Commission and the Australia-Israel Chamber of Commerce will host the annual Trade Awards in Sydney and Melbourne later this month.
The NSW Trade Awards will be held next week with Andrew STONER, NSW Deputy Premier, Minister for Trade and Investment, and Minister for Regional Infrastructure and Services as guest speaker.
In a statement issued to media the ITC said: “Minister Stoner’s participation highlights the NSW Government’s focus on further developing the strong trade relationship between the State of NSW and the State of Israel.”
In Victoria, the Trade awards will be held during the following week with special guest speaker Dr Uzi Landau, Minister for National Infrastructures for the State of Israel. Minister Landau will be in Australia as part of a study tour looking at different policies relating to Gas exploration, after a large gas reserve was recently found off the coast of Israel.
Ehud Gonen, The Israeli trade Commissioner to Australia said that the recent trade figures between Australia and Israel continue to show strong growth with total imports from Israel far exceeding total exports to Israel, “In 2011 we will reach the pre GFC figures” Gonen said.
According to the official Israeli statistics, total trade in 2010 between the two countries summed to $715 million, which was an increase from 2009’s total of $602 million. Total exports to Israel grew by 9.6% to $186 million on the back of traditional export sectors such as live animals, mineral products, and base metals, which together accounted for over 75% of all Australian exports to Israel. Total imports from Israel also grew and totalled $528 million, an increase of 22% from 2009. Traditionally strong Israeli sectors fuelled the growth in imports to Australia with IT and high tech products (24%), chemical products (23%), diamonds and precious stones (15%), and rubber and plastics (11%) making up over 70% of all imported Israeli products to Australia.
Similarly, investment from Israel into Australia far outweighed investment from Australia into Israel, largely due to a focus by Israeli companies on Australian retail and distribution channels.
A strong economic relationship is predicted to continue between Australia and Israel, with particular cooperation centred on Israeli water initiatives for Australia’s booming natural resources industry. Since its founding, Israel has been coping with water scarcity and has been treating the subject as a national priority. The country has been constantly developing novel and efficient water and energy technologies, which can benefit the world as it is increasingly dealing with water and energy scarcity concerns. From a broad Australian perspective, drought, over-allocation, inefficient water supply (loss driven) and climate change has resulted in a strong focus by many leading Australian companies on their water management solutions and practical ways to address these critical issues. In addition, the treatment of waste water in the Coal Seam Gas Industry is of vital importance given the increased environmental issues and regulations facing Australian companies.
Australia has already hosted two successful Israeli water technology delegations to the mining and coal seam gas industries in Western Australia and Queensland, with a follow up Australian delegation set to travel to Israel in November to visit Watec 2011 exhibition in Tel Aviv and explore Israel’s sustainability industry.
