Palestinian economic activity with Israel increases
The Palestinian Authority (PA) today announced increased trade with Israel.
Exports to Israel increased by 10% in November 2021 compared to the previous month. A total of 84% of Palestinian exports went to Israel that month. Palestinian exports to anywhere totaled $148.5 million in November, the official PA news agency WAFA reported today.
Imports from Israel also increased by 2% in November compared to October and accounted for 54% of Palestinian imports. Exports and imports to and from other countries have also increased, according to WAFA.
The PA administers parts of the West Bank, while the Israeli army controls others and the territory’s borders. Most of the international community considers the West Bank to be occupied by Israel, although Israel disputes this. The PA has a certain autonomy with regard to the Palestinian economy.
The PA announcement follows warming economic and political relations with Israel. Palestinian President Mahmoud Abbas met with Israeli Defense Minister Benny Gantz in August, after which Israel announced a $155 million loan to the authority.
The two met again in December. After this meeting, Israel declared a series of measures aimed at boosting the Palestinian economy. These included granting more Israeli entry permits for Palestinian businessmen, for example.