Since October 7, within the framework of the Gaza crisis, the tense relations between Turkey and Israel have entered a new phase. Thus, this was reflected as a result of the Ministry of Trade of Türkiye confirming the news about the termination of all trade relations with Israel last evening.

What will be the result of trade relations between these two countries? Which country will come out more damaged from here?

Expert analysis, including insights from economist Eldaniz Amirov, suggests that Türkiye may bear the brunt of the fallout.

Ednews reprints the analyses:

According to Amirov, while Israel ranks 13th in Türkiye's export list, with a trade volume of $5.4 billion in 2023, the impact on Türkiye's economy is expected to be more severe. Despite fluctuations, the trade balance has historically favored Türkiye, with Ankara benefiting more from the relationship than Israel.

Amirov's assessment highlights that Türkiye's exports to Israel declined by 23% in 2023 and continued to decrease by 6% in the first quarter of 2024. However, the overall trade volume between the two nations has increased substantially over the past two decades.

The decision to sever trade relations comes at a critical juncture, with Türkiye's economy already facing challenges. The move is anticipated to exacerbate economic pressures on Türkiye, particularly in light of its reliance on trade with Israel.

As tensions persist, the full extent of the economic impact remains to be seen. Nevertheless, the decision underscores the significant geopolitical ramifications of the Gaza crisis and the evolving dynamics between Türkiye and Israel.

Türkiye's trade with Israel

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