Tuesday, May 7, 2024

Informed Comment daily updates (05/07/2024)

 


Turkey Suspends Trade with Israel over Gaza: Solidarity or Politics?

Turkey Suspends Trade with Israel over Gaza: Solidarity or Politics?

Turkey, Israel, boycott, Gaza



excerpt: 

Istanbul (Special to Informed Comment; Feature) – On Thursday, Turkey announced the suspension of all trade with Israel, citing the “worsening humanitarian tragedy” in the Gaza Strip as the reason.

The Turkish Ministry of Trade said: “Export and import transactions related to Israel have been suspended for all products. Turkey will implement these new measures strictly and decisively until the Israeli Government allows an uninterrupted and sufficient flow of humanitarian aid to Gaza.”

This move follows a previous trade restriction announced last month, during which Turkey restricted exports in 54 categories, including iron and steel products, jet fuel, construction equipment, machinery, cement, granite, chemicals, pesticides, and bricks.

In 2023, trade between Turkey and Israel amounted to $6.8 billion, with 76% representing Turkish exports to Israel. According to the Turkish Statistical Institute (TÜİK), Israel ranked 13th on Turkey’s list of export destinations in 2023, with $5.4 billion in exports.

Turkish exports played a crucial role in Israel’s economy. Before the embargo, Turkey had been Israel’s largest steel and cement exporter. Azerbaijani oil and even barbed wire were shipped to Israel through Turkish ports. Additionally, Zorlu Holding, a Turkish company, produced 7 percent of Israel’s annual electricity.

A Move to Regain Domestic Support?

During the campaign for the elections held on March 31, Erdoğan’s governing Justice and Development Party (AKP) faced criticism for maintaining trade relations with Israel despite the ongoing conflict in Gaza.







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