According to the Economy Ministry, Israel’s exports are anticipated to have increased by more than 10% to a record high of at least $160 billion in 2022, driven primarily by service exports.

Israel’s exports, which make up about 30% of its GDP, totaled $144 billion in 2021, the year that services overtook goods as the nation’s top export.

Services are expected to make up 51% of all exports in 2022, spearheaded by high-tech exports like programming and R&D, the ministry predicted.

The ministry said that total exports could top $165 billion in 2022 if the pace over the first three quarters of the year was maintained.

At a 38% share, Europe is Israel’s largest trading partner, followed by the Americas at 35% and Asia at 24%.