According to government data from Israel, exports, a key economic growth driver, are expected to grow to a record $114 billion in 2019, up from $109 billion in 2018.

According to a statement from Israel’s Central Bureau and Statistics and Economy Ministry, the country’s goods and services exports stood at $84 billion for the first nine months of 2019, up by 4.6% from for the same period from the previous year.

“The increase in exports stems mostly from a nearly 12% rise in services exports, with growth led by the high tech sector such as software, computing and research and development services,” said the Economy Ministry.

Incidentally, the rise in the export of services has more than offset weakness in the export of goods, which have been hurt this year by slowing global trade, a weak diamond market, and a strong shekel currency.

Exports comprise around 30% of Israel’s economic activity.

Exports to the European Union, Israel’s largest trading partner, has risen by 4.8% so far this year, led by the UK, Spain, Poland and Belgium.

Exports to the United States, Israel’s biggest export market by country, has risen by 2% while exports to India grew by 9%.

Exports to Asian markets including China and Japan have fallen this year.

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