The above chart shows the total imports of Israel, dominated by machinery, nuclear reactors, boilers, electronic equipment and others. The category of imports indicates its power demand, its demand of machinery to equip and upgrade its technology enabled services, and its growing need of infrastructure development.
Interestingly, it imports pearls, precious stones, nuclear reactors, boilers, electrical and electronic equipment, and optical photo and apparatus. This also indicates that it is a trading economy and less dependent on its own production. The nation imports these commodities in bulk, works on it, polishes them, assembles them and exports it to major nations to make profit. This infers its low dependence on its own manpower in terms of intellectual growth and prowess, which is certainly the bedrock of economies like China, India, EU and the US.
As per the UN Comtrade Database, Israel’s service trade remained very healthy with import of $23 billion and export of $35.6 billion. Service trade is becoming the mainstream instrument of trade revenues, as competition in goods is catching up across the world, and counterfeit products flood the market on a consistent basis. Israel has shown that service trade can earn significant revenues, and can even display a likelihood of surpassing goods trade if the goods are locally produced and import dependence is reduced.