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Turkey stops trade with Israel


May, 03 2024
watermark Economic news

Turkey has suspended all trade with Israel, heightening already high tensions between the two countries over the armed conflict in Gaza.


The move expands restrictions on the export of some Turkish goods to Israel imposed last month. There has not yet been an official statement on this suspension, and the conditions for resuming trade are unknown.


Israel's Foreign Minister, Yisrael Katz, commented on Turkey's actions, calling them dictatorial, and expressed regret for the harm they would cause to the Turkish people and the business community. The minister also announced the Israeli government's plans to create immediate alternatives to trade with Turkey by increasing local production and finding other suppliers.


In 2023, the main goods that Turkey exported to Israel were iron and steel, while the main imports were petroleum products.


Relations between Israel and Turkey were restored last August after a decade-long period of tension. However, the conflict between Hamas and Israel in Gaza has once again inflamed the situation.


Turkish President Erdogan supported Hamas militants, calling them «freedom fighters» and criticized Israel's actions during the military operations. Unlike the United States and the European Union, Turkey does not recognize Hamas as a terrorist organization. Erdogan also met with the political leader of Hamas in Istanbul in April.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.