Israeli defense exports fell by almost $1 billion last year, a very rare decline reflecting declining defense budgets worldwide.

The Defense Ministry’s International Defense Cooperation Agency said exports were $6.54 billion last year, down from $7.4 billion in 2012.

Defense exports are a key industry for Israel; since 2005, they have risen every year except for 2011. On average, Israel exports weapons, technology and expertise worth more than $6 billion annually. […]