Following the imposition of a trade embargo on Israel by Turkey in May, there has been a noticeable shift in export dynamics, with Palestine emerging as a significant trading partner. The trade value between Turkey and Palestine escalated from $10 million in July of the previous year to a staggering $120 million in the same month this year, marking an increase of 1,180%. This surge has sparked discussions regarding the potential circumvention of the Israeli trade ban by Turkish private sector entities through third-party channels.
Despite these speculations, it is evident that the bulk of Turkey's private sector has adhered to the embargo, significantly reducing trade activities with Israel. The Turkish Exporters Assembly (TIM) highlighted in its July 2024 export report that the trade figures with Palestine saw an unprecedented rise post the embargo announcement. From a modest $9.3 million in July 2023 to an impressive $119.7 million in July 2024, the increase underscores a strategic pivot in Turkey's export focus amidst the ongoing embargo. Fruit and vegetable exports rose by 4,296%, from $160,000 to $7 million.
Since the official announcement of the embargo in May, Turkey's monthly exports to Palestine have consistently exceeded previous averages, signalling a deliberate redirection of trade flows in response to the geopolitical landscape.
Source: turkiyetoday.com