Turkey halts $6.8 billion trade with Israel amid Gaza tensions
6:18 AM EDT, May 3, 2024
Authorities in Ankara confirmed the suspension of all trade with Israel on Thursday. The trade turnover between the two countries reached $6.8 billion in 2023, but there was no clarification on whether the decision would impact the export of Azerbaijani oil to Israel through Turkey's Ceyhan port.
The Turkish Ministry of Trade announced on Thursday evening that, "Export and import transactions concerning Israel, covering all products, have been suspended."
The initial reports of the trading halt came from Bloomberg, citing sources within the Turkish government.
"Turkey will strictly and decisively implement these new measures until the Israeli government allows an uninterrupted and sufficient flow of humanitarian aid to Gaza," stated the Turkish ministry.
Implications for Azerbaijani Oil
Unanswered is whether the decision will impact the export of Azerbaijani oil to Israel through the Turkish port of Ceyhan.
The trade turnover between the two nations was reported to be $6.8 billion in 2023.
Israeli Foreign Minister Israel Katz criticized Turkish President Recep Tayyip Erdogan earlier on Thursday for "breaking agreements by blocking ports for Israeli imports and exports."
Katz announced that he has instructed officials to immediately start "create alternatives for trade with Turkey, focusing on local production and imports from other countries. Israel will emerge with a strong and daring economy,"
Katz assured. "We win, and they lose," he concluded.
In April, the Times of Israel reported that Turkey imposed trade restrictions on Israel in reaction to Israel's military actions against the Hamas organization in the Gaza Strip. The restrictions applied to 54 products, including cement, steel, aluminum, and iron structures.
