We may be in the midst of an economic crisis, but it seems there’s at least one good business to be in. Food imports to Israel are growing out of proportion to the overall growth of the Israeli food market.
The Israeli food market grew by 2.3% in 2008, to $14.4 billion. But food imports grew by an enormous 25%, to $1.8 billion, says a report by the USDA Foreign Agricultural Service.
So what is going on here? Well part of the picture is the weak dollar. Agricultural and food imports from the US to Israel increased by 33% to $628 million
But it can’t only be a question of currency rates, because the Euro has strengthened significantly and yet imports of agricultural and food products from the EU increased 23% to $1.7 billion in 2008.
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