Turkey stops all trade transactions with Israel

In an unprecedented decision, Turkey stopped, as of Thursday, all its commercial transactions with Israel, therefore amplifying tensions between the two nations.

Escalation of Restrictions

During the previous month, Turkey had already inflicted restrictions on the export of 54 products to Israel, making the lifting of these measures conditional on the cessation of Israel’s hostilities against Gaza. Among the banned products are aviation fuel, structural steel, flat steel, marble and ceramics.

Israel’s reaction

In response, Israeli Foreign Minister Yisrael Katz criticized Turkish President Recep Tayyip Erdogan, accusing him of breaking international agreements by closing ports to Israeli imports and exports.

On the X platform, Katz voiced that this dictatorial attitude neglects the interests of the Turkish people and entrepreneurs while ignoring international trade agreements.

Looking for solutions

Confronted with this crisis, Katz revealed that directives have been given to seek alternatives to trade with Turkey, focusing on local production and imports from other countries.

Economic impact

In 2023, Israel represented Turkey’s 13th largest export market, with exports attaining $5.42 billion, down from $7 billion in 2022.

Meanwhile, Israeli exports to Turkey amounted to $1.5 billion in 2023, down from $2.5 billion the previous year.

Expanded Repression Measures

This cessation of trade is part of a series of measures taken by Turkey in reaction to Israeli aggression against Gaza.

Among these, we note the cancellation of energy cooperation projects with Israel, the exclusion of Israel from the list of export targets and the suspension of Turkish Airlines flights to Israel until October 2024.

This situation highlights a considerable decline in relations between Turkey and Israel, exacerbated by the ongoing conflict in Gaza, with potential repercussions for international trade and regional politics.