Turkey has suffered heavy economic losses over the past few years because of its misguided foreign policy in its relations with Egypt, Libya, Syria and Iraq and other regional markets. Its economy also received serious blows from Russian sanctions that followed Turkey’s shooting down a Russian jet in November 2015. Now, by taking a position supportive of Qatar in the blockade imposed by the Gulf countries and led by Saudi Arabia and Egypt, Turkey is risking further economic damages.

Even before alleviating the heavy losses inflicted by the Russian sanctions on its exports, tourism and foreign contracting, Turkey faces serious economic disadvantages by becoming a party to the Qatar crisis.

According to figures released on July 1 by Turkey’s Exporters Assembly, the country’s overall exports actually grew by 1.8% to $12.1 billion. But the negative trends with the Gulf countries have been causing concerns.

Exports to Saudi Arabia, which were $277 million in May, declined by 36.4% to $188 million in June. Exports to the United Arab Emirates regressed by 20.5% from $316.5 million to $234.6 million in June. Also in June, exports to Bahrain decreased by 24% from $20.7 million to $15.6.