In the short 62 years since Israel declared independence, the Jewish state's exports have multiplied 11,250 times, according to a report by the Israel Export and Cooperation Institute.

Released ahead of Independence Day, the report stated that while exports totaled $6 million in 1948, they stood at $67.5 billion in 2009. The current export value has more than doubled since 1998, and is $6.5 billion less than the expected figure for 2010.

The report also shows that while Europe consumed about 70% of Israeli exports in the early years of the state, it now purchases just 32%. In 2009, North America bought 37% of the exports, and Asia 20%.

While Israel is still an exporter of diamonds and agricultural products such as the country's popular oranges and other citrus, it now exports a tremendous amount of knowledge-based goods and services, with an emphasis on hi-tech.