Trade relations between Israel and the American state of New Jersey are stronger than ever, according to a report by the New Jersey-Israel Commission.
Trade between Israel and New Jersey rose 5% to $1.33 billion in 2020, despite a reduction in exports following national trends, the commission said. Israeli imports to New Jersey increased 11.5%, versus a 9% decline nationally, as New Jersey’s total trade rank with Israel went up two positions globally from 31 to 29.
New Jersey’s population is about nine million, and, due to its similarity in size, is often used as a comparison point for Israel’s geographic size.
“Despite a challenging global economic situation, New Jersey’s trade relationship with the State of Israel continues to flourish and create opportunity for New Jerseyans across a broad array of industries supporting the state’s innovation economy,” the report said.
The increased trade points to New Jersey’s strength as a global logistics hub and strategic location, as well as numerous competitive advantages that are driving this critical relationship between two innovation powerhouses, it added.
The New Jersey-Israel Commission was established in 1989 to implement the goals of the New Jersey-Israel Sister State Agreement and is under the administration of the New Jersey Department of State.
“Israel has long been an important ally to the United States, and to New Jersey in particular, as we continue to increase our presence in the global marketplace,” said New Jersey Governor Phil Murphy. “The data is clear – the Garden State’s ongoing economic relationship with the ‘Start-up Nation,’ as Israel is known, is stronger than ever, and the volume and scope of the imports and exports being traded underscore the value of this partnership.”
“Our relationship with Israel is truly remarkable and includes so many different facets I am proud of, including tourism, exports, culture, and beyond,” said New Jersey Secretary of State Tahesha Way. “This new data shows once again that our economic partnership with Israel continues to drive opportunity and support job creation on both sides of the Atlantic.”