Coronavirus ‘Devastated’ Israel’s Defense Exports

(Bloomberg) --

The coronavirus pandemic has damped Israel’s expectations to grow defense exports this year, a defense official said on Monday.

“The corona pandemic has devastated the global economy and the defense sector,” Yair Kulas, head of the Defense Ministry’s Directorate of International Defense Cooperation, said in a press release.

Israel is one of the world’s top defense exporters. According to the ministry release, about 120 defense companies reported signing new contracts in 2019 worth a total of $7.2 billion. Some 41% of Israeli defense exports went to Asia and the Pacific region last year, 26% to Europe, 25% to North America, and 4% each to Africa and Latin America.

©2020 Bloomberg L.P.