Governor Murphy and New Jersey-Israel Commission Announce Significant Expansion of Economic Relations from 2020 to 2021
New data shows annual trade between New Jersey and Israel valued at $1.55 billion; Strong growth despite global economic turmoil
TRENTON – New Jersey Governor Phil Murphy and the New Jersey-Israel Commission today announced strong and sustained levels of economic growth between New Jersey and the State of Israel between 2020 and 2021. Despite turbulent times caused by the global pandemic, a significant increase in two-way trade and investment is reflected in data recently released by the New Jersey Economic Development Authority (NJEDA). The numbers show that New Jersey’s relationship with Israel not only creates economic opportunity, but strengthens New Jersey’s innovation economy and positions the state as a national leader in attracting investment from Israel.
“I am delighted to see the overwhelmingly positive results of our efforts to deepen our economic relationship with Israel, its business leaders and its people,” said Governor Phil Murphy. “Since my first trip to Israel as governor in 2018, trade has increased dramatically, with Israeli businesses opening stores in New Jersey, universities forging new partnerships, and rapidly increasing exports and imports. This reflects the great work of the New Jersey-Israel Commission, NJEDA, Choose NJ, and many other partners in our vision to grow our state’s innovation economy.
“New Jersey’s forty-one percent growth in exports to Israel is impressive and plays a vital role in our bilateral trade,” said New Jersey Secretary of State Tahesha Way. “I look forward to strengthening our special relationship with Israel – a key partner for our state and its business community.”
“Israel is proud of its relationship with the great state of New Jersey, showing that meaningful collaborations pay off for all parties, with a focus on improving the lives of ordinary people,” said Ambassador Asaf Zamir, Consul General of Israel in New York. “The increase in economic relations between Israel and New Jersey is not only natural, but shows why people-to-people relations must be a priority.”
New Jersey’s strength as a global logistics hub, its strategic location, highly skilled workforce and advanced economy help drive this key relationship between two international sources of innovation. Data from the U.S. Census Bureau’s Foreign Trade and Foreign Direct Investment (FDI) Markets Division shows several positive and key developments from 2020 to 2021:
- Total trade volume between New Jersey and Israel from 2020 to 2021 increased significantly by 16.2%, from $1.33 billion to $1.55 billion.
- New Jersey’s exports to Israel grew significantly by 41%, from $327M to $461M
- Israeli imports to New Jersey increased 8% from approximately $1.01 billion to $1.09 billion
- New Jersey’s exports to Israel grew 10% more on average than to other countries
- New Jersey maintained second place in attracting foreign direct investment (FDI) from Israel to the Northeast
- Israel’s export ranking from New Jersey jumped from 24th to 22nd
2021 has strengthened economic ties between New Jersey and Israel with a year-over-year increase in trade and foreign direct investment (FDI). As both measures rebound from the economic shock of the pandemic, it is clear that the bilateral relationship between New Jersey and Israel is more stable than ever.
Additionally, new economic statistics point to a growth trend with Israel that has emerged since the start of the Murphy administration in 2018 through 2021:
- FDI from Israel quadrupled during this period, with an estimated value of $347.1 million, leading to the creation of 1,120 jobs, in particular thanks to the entry of new Israeli companies into the state.
- Overall trade increased by around $311 million
- Since record keeping of FDI markets began in 2003, 78% of all recorded Israeli FDI and 69% of all Israeli FDI-related job creations have taken place under the Murphy administration.
The increase in exports to Israel from New Jersey ports was led by consumer products, medical supplies, natural materials and organic chemicals. The increase in imports from Israel included energy supplies, natural materials and minerals.
The increase in overall trade as well as sustained investment continues to demonstrate the strength of the New Jersey-Israel economic relationship and steady growth over the past four years, alongside the global economic recovery from the COVID-19 pandemic. Israeli investments in New Jersey also present the Garden State as a focal point for innovative Israeli products and companies entering the United States.
“These new and exciting numbers reaffirm Israel’s strong economic impact on our state,” noted Karin Elkis, co-chair of the New Jersey-Israel Commission. “I commend Governor Murphy, Secretary Way, and the leadership of this administration for ensuring that our relationship with Israel continues to grow and create tremendous benefits.
“Today’s report is an outstanding achievement for our state and reflects the importance of New Jersey’s business and commercial relationship with Israel,” said Mark S. Levenson, co-chair of the New Jersey-Israel Commission. “As our economic ties grow together and connect hubs of innovation, the people of New Jersey and Israel will continue to reap major benefits.”
“Our strong partnership with Israel is helping create tremendous opportunities for New Jersey, including investment and job creation in key industries,” said Andrew H. Gross, executive director of the New Jersey-Israel Commission. “While these numbers are substantial, this Commission looks forward to working with our partners as we strive even harder to expand bilateral economic relations and promote the garden state in Israel.”
“New Jersey’s partnership with Israel capitalizes on the innovative and economic synergies of two global innovation giants,” said NJEDA Executive Director Tim Sullivan. “The numbers announced today quantify what Governor Murphy has long recognized: our collaboration with Israel has vast potential to drive growth and foster lucrative career and investment opportunities for New Jerseyans.
“The increase in trade and investment flows is a testament to the enduring strength of the New Jersey-Israel relationship,” said Wesley Mathews, president and CEO of Choose New Jersey. “Choose New Jersey conducted a fourth consecutive mission to Israel in 2021 to strengthen economic ties and build on Governor Murphy’s visit in 2018. Our visits paved the way for several Israeli companies to open or expand their footprint here, to New Jersey businesses and universities. to collaborate with our Israeli counterparts, and we look forward to exploring further opportunities for shared growth and innovation.
“The people of New Jersey provide the warmth and camaraderie that makes Israelis feel at home, and we are very pleased to see how the latest economic data confirms how close the bond between our two states is. really strong”, said Anat Katz, Israeli Minister of Economy in North America. “Israelis from all political backgrounds are committed to supporting this inspiring relationship in the future, and we look forward to seeing how this friendship will continue to flourish in the years to come.”
As the world continues to face uncertainty, the New Jersey-Israel Commission remains committed to advancing our state’s key relationship with Israel to foster innovation, investment, jobs and business opportunities in industries. reviews.
In 2019, Governor Phil Murphy and Secretary of State Way announced the renewal of the New Jersey-Israel Commission which supports commerce; establishes strategic partnerships in areas such as cybersecurity, aerospace, food innovation and life sciences; encourages tourism; academic partnership equipment; and more.