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India, Israel trade touch $1.23 bn

August 26, 2004 18:20 IST
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Bilateral trade between India and Israel has touched a new high of $1.23 billion, registering an increase of 42.9 per cent, official sources said in Jerusalem on Thursday.

The two-way trade between the two countries reached $1,259 million during the January to July period compared to $880.9 million in the corresponding period last year, they said.

Indian exports to Israel for the first seven months of this year increased by 29 per cent from $493.3 million in 2003 to $636.5 million in 2004.

Israeli exports for the corresponding period increased by 60.6 per cent from $387.6 million in 2003 to $622.5 million.

The share of India's exports in Israel's global imports increased from 2.5 per cent in 2003 to 2.8 per cent in 2004.

The current figures suggest a six-fold increase in trade between the strategic partners, starting from a modest figure of $200 million in 1992.

India overtook Japan last year to become Israel's second largest trading partner in Asia, with Hong Kong continuing to be in the first place.

The figures do not include defence deals between the two countries. India is said to be the leading purchaser of Israeli arms with defence journals predicting it at more than $2 billion.
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