The state released new data April 25 showing another year of economic growth between the Garden State and Israel.

The figures, which came via the New Jersey Economic Development Authority (NJEDA) and ahead of Israel’s 75th anniversary, show strength especially in relation to the innovation economy, a subject NJBIZ has reported extensively on.

In March, NJBIZ also reported on the establishment of a new business attraction office in Tel Aviv by Choose New Jersey, which was chosen through a grant launched by the New Jersey-Israel Commission.

Positive developments from the data, covering 2021 to 2022, include:

• Total New Jersey-Israel trade volume increased by 11% from $1.55 billion to $1.72 billion—well above the average trade between the state and other countries
• New Jersey exports to Israel jumped 8.5% from $461 million to $500 million
• Israeli imports to New Jersey increased 12% from roughly $1.1 billion to $1.2 billion
• New Jersey maintained its second-place rank in attracting 25% of foreign direct investment (FDI) from Israel in the Northeast

The Murphy Administration said that the stats reflect how committed it is to growing and strengthening this relationship, pointing to further numbers dating back to when Gov. Phil Murphy took office in 2018, including: the FDI from Israel multiplying more than five times, worth an estimated $454 million; overall trade increasing; economic ties growing more than 30%; exports to Israel increasing by 49%; and more.

The administration also pointed to its renewal of the New Jersey-Israel Commission in 2019, which supports trade and strategic partnerships between the state and the country.

“As our state’s economy continues to grow, I am glad that we are doing so with our partners in Israel,” said Murphy in a press release. “New Jersey is home to many great companies, and we cherish their unique contributions and investments to each of our communities. We look forward to continuing this relationship with our counterparts in Israel and will continue to do what we can to support their expanding businesses in our state.”

“I am proud to see another strong year of trade growth between New Jersey and Israel,” said New Jersey Secretary of State Tahesha Way. “I applaud the New Jersey-Israel Commission for its work in supporting and strengthening this key relationship and encouraging shared economic opportunities.”

“The historic levels of economic activity we are seeing with Israel parallel the strong efforts and dedication Gov. Murphy and Secretary Way have put into this relationship,” said Karin Elkis, co-chair, New Jersey-Israel Commission. “I am proud of these groundbreaking numbers as we continue to focus on deepening these ties even further.”

NJEDA Chief Executive Officer Tim Sullivan said that the numbers show that the strategy to leverage New Jersey and Israel’s shared innovation legacy is bearing fruit.

“Since the governor’s trade mission to Israel in 2018, the steady increase in economic ties between New Jersey and Israel has affirmed the Garden State’s broad appeal for Israeli companies seeking a dynamic and supportive place to put down roots and grow,” said Sullivan.

“The relationship between Israel and New Jersey continues to deliver significant benefits to both economies,” said Israel Nitzan, acting consul general of Israel in New York.

“The growing economic ties between Israel and New Jersey reaffirm what we knew when we opened the New Jersey Israel Center in March: Israel is a vital global partner for our state,” said Wes Matthews, president and CEO of Choose New Jersey. “Trade and investment flows between our states have grown since the start of the Murphy Administration, and today’s announcement will undoubtedly encourage more businesses to tap into the vibrant ecosystems of our economies.”