The port of Haifa.
The port of Haifa. Photo by Albatross
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Israeli exports to the United States exceeded exports to the European Union for the first time since 2010, according to the July-August figures released by the Israel Export Institute. In that two-month period the United States accounted for $2.2 billion or 29% of Israel's total exports, whereas the European Union total came to $1.9 billion. The EU sum was 21% less than the same period last year and 6% lower than May-June of 2012, on a seasonally adjusted basis. Exports to the U.S. during the same period last year amounted to only 24% of the total. A portion of the jump can be accounted for by the export of U.S.-bound pharmaceutical products, notably by Teva Pharmaceutical.

Israel's total exports around the world, excluding diamonds, came to $7.7 billion in July and August, which was about 3.5% less than the same period last year but 6% more than May-June of this year. July-August exports to the United States were about 16% higher than the same period last year and, on a seasonally-adjusted basis, jumped 31% over May-June levels this year.

Sharpest export growth to the United States came from the Israeli industrial and chemical sector, which includes pharmaceuticals. The sector shipped $1.1 billion worth of goods to the United States, an increase of 27% over the same period last year. U.S.-bound exports from other sectors of the Israeli economy showed a mixed picture, but without any major declines.