Technology Competitive Intelligence Report: The economy of Israel is based on both state and private ownership and operation. Despite adverse conditions, agriculture in Israel has been developed successfully, largely by extensive irrigation to compensate for the shortage of rainfall. It depends on imports of crude oil, grains, raw materials, and military equipment. Cut diamonds, high-technology equipment, and agricultural products (fruits and vegetables) are the leading exports. Israel has a technologically advanced market economy with substantial government participation. Although Israel imports more than it exports, the balance of trade is far more favorable now than it was in the early years of the state. Israel's chief trading partners are the United States and nations in the European Union, especially Britain and Germany. - Source: The World Fact Book 2003 and other sources
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