With warming of diplomatic ties, Israel, Turkey expect bilateral trade boom
Now that diplomatic relations have improved, Israel hopes to increase and expand its exportations to Turkey in fields such as water treatment, smart agriculture and energy.
The warming of diplomatic relations between Israel and Turkey is already having an impact on economic ties between the two countries.
Even during the decade when the relationship was strained following the 2010 Mavi Marmara incident, economic relations sustained minimal damage and bilateral trade diminished only partially. For instance, Turkish exports to Israel stood at $2.3 billion in 2011, $2.6 billion in 2015 and $4.6 billion in 2020. Israeli exports to Turkey stood at $2 billion in 2011, $1.6 billion in 2015 and $1.5 billion in 2020.
The main casualty of the tension was Israeli tourism to Turkey. Other industries continued almost at the same rhythm, though did not really grow. Now that relations are warming again, their impact on bilateral trade is expected to be impressive.
Figures published recently place Israel among Turkey’s top 10 trading partners. Data from the Turkish Ministry of Commerce show that in the first seven months of this year, the amount of trade reached almost $4.2 billion, compared to $3.3 billion for the same period last year.
