Israeli exports are expected to reach about $114 billion at year-end, compared with about $109 billion in 2018, the Economy Ministry – a growth of 4.6%.

The Foreign Trade Administration in the Economy and Industry Ministry notes that the increase was mainly attributable to exports of services, led by the tech industry which reached a record $40.5 billion in the first three quarters of the year – an impressive increase of 11.7% compared to the same period last year.

Some 30% of Israel’s economic activity is composed of exports, Reuters reports.

“Overall, exports to the European Union — Israel’s largest trading partner — rose 4.8% this year, led by the UK, Spain, Poland and Belgium. Exports to the United States — the largest export market by country — rose 2% while exports to India grew 9%,” the report says. “Exports to Asian markets including China and Japan fell this year.”