The war in Gaza has been going on for five months. The news from the US is that the war may be suspended for Ramadan. But even in the most violent days of the war, there was never a break in trade. Trade between Israel and other countries…
These countries include us. We are good at blowing our horns, but our trade with Israel continues unabated.
According to TurkStat data, we exported USD 350 million to Israel in January. Our imports from this country amounted to USD 141 million.
Here is a list of what we sell most to Israel and what we buy from this country by chapter.
Plastics and plastics products, land vehicles, electrical machinery and iron and steel are the main commodities we sell.
In our imports, mineral oils and fuels come first. In fact, 40 percent of total imports come from this chapter.
In the four months from October 7, when the war started, until the end of January, Turkey exported USD 1.45 billion to Israel.
Imports from Israel during this period amounted to USD 463 million.
As the saying goes, “The curtain never closes in the theater,” apparently, it could also be said about trade, “It does not stop even in war.”
In fact, the harsh rhetoric of politicians towards Israel, at least on the surface, has not been heard much lately.
It is as if every one has taken what is happening for granted. Moreover, while these criticisms were being voiced, trade never slowed down…
I wonder how those who sell goods to Israel, who buy goods from this country and sell them domestically, felt when citizens marched in protest on the streets with Palestinian flags in their hands!
What is more important is this. While someone continues to trade at full speed, selling and buying goods, what did those who raided cafés and harassed citizens in the country think about these exports and imports, or did they think anything at all!
Trade deficit excluding gold and energy zeroed
Exports in January increased by 3.5 percent compared to last year to USD 20 billion, while imports decreased by 22 percent to USD 26.2 billion. Thus, the foreign trade deficit decreased by 56 percent to USD 6.2 billion.
On the other hand, when gold and energy are excluded, there is no foreign trade deficit.
According to TurkStat data, the foreign trade deficit excluding energy and non-monetary gold was only USD 68 million in January. Accordingly, the ratio of exports to imports was 99.6 percent.
How will Russia’s decision affect Turkey?
The general cheapening of energy prices was already very positive for Turkey. In addition to this, we were also importing cheaper crude oil from Russia compared to international prices.
But now Russia has taken a decision that may affect us negatively. Russia has banned gasoline exports for six months starting tomorrow.
This decision may lead to an increase in gasoline prices in international markets and unforeseen hikes in our country.
