Palestinian industrial sector reports $664 million losses
The Palestinian Ministry of Industry estimates losses of the Palestinian industrial sector since the outbreak of the Intifada this past September through the end of last month at $644.2 million.
The Ministry blamed these losses on Israeli border closures imposed on Palestinian cities and villages, reported Al-Hayat daily. More than 75 percent of raw materials for factories are imported from abroad or Israel, according to the Ministry, and were therefore forced to slow or cease production completely resulting from a ban on imports. Consequently, factories were unable to meet orders of foreign exports.
In addition, 34 manufacturing facilities were reportedly destroyed by Israel during the same period, 27 of which were located in Gaza, while seven were in the West Bank. A limited supply of electricity to the Palestinian Territories further complicated matters for manufacturers. Furthermore, as the decrease in the rate of industrial production hits 80 percent, losses incurred in the sector, stand at $3.76 million daily. –(MENA Report)
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