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Israeli exports to Egypt during the first seven months of the year fell 18% in relation to the corresponding period of 2010, the Exports Institute revealed yesterday.

Exports to Egypt from January to July totaled $78 million.

Imports from Egypt amounted to $137 million during the same period - a decrease of 16%.

Even before the past weekend, Jerusalem had been worried that relations with Egypt could be damaged in the wake of the revolution there.

As a result, the government began allowing state insurance agency Ashra to issue policies to cover short-term trade with Egypt against political and business risk.

The move came after the private insurance companies began restricting their policies.