NEWSRAEL: Turkey's economy is in shambles now for years with high inflation and low exports. Their war in Syria is taking a large toll and Israel was a top importer and economic partner. Not anymore!
A Turkish newspaper reported this week on the continued decline in trade between Israel and Turkey due to the deterioration of relations between the two countries due to the war in Gaza.
In January alone, according to the newspaper, exports to Israel fell by more than 31% compared to September 2023 before the war began. In total, exports amounted to 318 million dollars compared to 461.9 million dollars in September.
Israel's share of Turkey's exports fell to 1.6% last month compared to 2% in September. In January, two sectors did not make any exports to Israel. Israel was the second leading market for Turkish steel exports last September. In January she had already dropped to 10th place.
In total, the exports of the Turkish steel sector to Israel decreased by 62% to 35.1 million dollars last month, compared to 92.4 million dollars in September 2023.
NEWSRAEL: Israeli importers prefer not to do business with Turkey and have found alternatives.