We have mentioned in previous articles the great commercial relation between Chicago-based companies and Israel, thanks to the excellent alliances fomented by the governments both from Chicago and Israel. This partnership has brought to people from these two places a lot of benefits, not only economic but also social and technological.
We have talked in other articles about institutions like the America – Israel Chamber of Commerce, which promotes and supports businesses from Chicago and Israel to expand their markets, or the Chicago-Israel Business Initiative project, which seeks to establish the best working and commercial conditions for those companies that want to venture into new places, but in this article, we will show some of the most relevant commercial and economical statistics about the great relation between Illinois, Chicago, and Israel. Besides, we will present and explain significant elements from this alliance.
Related: A great alliance between Chicago and Israel you need to know by Yosef Meystel
Currently, Illinois is considered one of the most important cities for commercializing multiple services and products with Israel. The remarkable Jewish society formed in there has been an exceptional promoter to accomplish this. For today, Illinois trades more than $300 million dollars in different commodities with Israel, which means a growth in commercial exchange of more than 60% in the last ten years.
Illinois is positioned as the seventh city among all the cities in the United States for trading and exporting products and services to Israel. That is to say, that presently, Illinois is one of the most valuable places for doing businesses for Israel, being at the level of other significant metropolises like Florida, California or New York.
In addition to being the seventh city for exportations in all the United States, Illinois is ranked as the sixth city in the country for importing from Israel. For 2015, Illinois introduced more than $600 million dollars in products and services, from basic elements like food and drinks to high-tech complex commodities or farming components.
As we can see, Illinois has a vital and profitable relations with Israel, both for its importations and exportations. This makes it not only one of the most rentable and appreciated cities in North America for doing businesses with Israel but for the entire world.
Illinois exportation stats
As we mentioned above, exportations from Illinois to Israel reach more than $300 million dollars, which means the 1% from all the exportations in the city. Currently, the capital of the Windy City exports more than $67 billion dollars, being the principal and major exporter in the Midwest, ranking in the fifth place amongst all the cities in the United States.
Currently, this capital exports more than $20 billion dollars to Canada, and more than $8 to Mexico, China, Germany, and Australia. Israel has a smaller participation, but its exporting numbers are increasing more and more, year by year.
Presently, the most important industries for exporting from Illinois to Israel are agricultural and farming products, reaching more than $82 million dollars in 2015. Electronic and high tech components accomplished more than $40 million dollars in the past year. This industry has been growing in the last times, and for the future, it could be the most important activity between this city and Israel.
Another significant exporting area has been machinery and electrical components, achieving more than $35 million dollars in exportations for the last year. The Manufacturing industry has exported more than $30 million dollars per year, while the Chemical companies have exported almost $20 million dollars to Israel.
Illinois importation stats
The most important industries for importation between Illinois and Israel are machinery and electrical components, chemical commodities, electronic and high-tech elements, manufactured products and textiles.
More than $200 million dollars in machinery and electrical components entered to Illinois from Israel in the 2015 and more than $130 million dollars for the chemical industry were imported to the city from this country.
In addition, in the past year, electronic and high tech components were inserted in the city for more than $82 million dollars, while manufactured products were imported for more than $38 million dollars and textiles and related products for more than $25 million dollars.
Foreign investment stats
Israel is one of the largest commercial partners for Chicago and especially for Illinois, but there are other countries that help the city’s economy, letting it invests all these incomes in its people and other causes.
Today, Illinois is the main city in the Midwest for foreign investment and one of the principal places for investing in the United States. A vital element for leverage this are the foreign trade zones which are established across all the city, offering a lot of benefits and remunerations for those external companies that want to trade their products in Illinois. Among the aids given by these zones are low costs production, taxes reduction, transportation helps, and legal advice.
But Illinois is not only attractive for foreign investment, but also for tourism. For 2015, the city received more than 1.500.000 visitors from different countries, making it one of the most touristic places in the United States. For this same year, Illinois reported more than $2.6 billion dollars from tourism, creating more than 25.000 jobs related with this.