2023-12-02 10:39:06
Trade between Turkey and Israel has taken a hit as a result of the war of iron swords, with imports falling by 29% in October compared to the previous year. According to data from the Turkish Ministry of Commerce, the volume of imports dropped to $348 million, down from $489 million in the corresponding period last year.
In addition, Israel’s share of all Turkish exports decreased in October from 2.2% in 2022 to 1.5% in 2023, placing Israel in 15th place in the Turkish export table. From January to October 2023, the volume of Turkish exports to Israel decreased by 21% to $4.677 billion, after reaching $5.854 billion in the corresponding period last year. This represents a decrease from 2.7% to 2.2% of all Turkish exports to Israel.
Despite the decline in trade with Israel, Turkey’s overall exports have continued to rise. Minister of Commerce, Omer Bulat, announced that the volume of exports reached a record $23 billion in November, marking an increase of about 5.2% compared to the previous year. However, this increase in exports comes at a time when Turkey is grappling with high inflation and a significant trade deficit.
While Turkish officials have emphasized a decrease in the trade deficit by 17.5% in October compared to the previous year, the deficit still stands at $6.5 billion. In October, the volume of exports increased by 7.4% to $22.8 billion, while the volume of imports increased by 0.6% to $29.39 billion.
Germany, Iraq, the United States, the United Arab Emirates, and Italy were the top export destinations for Turkey in October, while China and Russia were the main sources of imports. Russia, in particular, is Turkey’s primary energy supplier for oil and natural gas.
Overall, the impact of the war of iron swords on Turkey’s trade with Israel is just one part of the larger economic landscape in Turkey, where exports are increasing but inflation and the trade deficit remain significant challenges.
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