First-half exports to EU down 20%

Industrial exports excluding diamonds to the European Union in the first half of 2002 dropped by 20%, to $2.85 billion, versus the corresponding half of last year.

Imports from the EU fell 11%, to NIS 5.21 billion,the Israel Export Institute's director-general Israel Shotland said yesterday.

Acting research department director Shlomit Eitan said most of the drop in exports had stemmed from the global economic slowdown.

A large portion of the drop had stemmed from a 50% nosedive in communications sector exports to Europe, she added, noting, in addition, that there were significant drops in other technology sectors.

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