Trade with Turkey up 26% to $2b. in first half of year

Severing relations with Israel will naturally deal a severe blow to Israeli-Turkish trade relations.

August 23, 2011 06:18
1 minute read.
The 'Mavi Marmara'

The 'Mavi Marmara' 311 (R). (photo credit: Reuters/Emrah Dalkaya)


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Israeli-Turkish trade rose 26 percent to $2 billion in first half of 2011 from $1.59b. in the first half of 2010, the Federation of Israeli Chambers of Commerce reported Monday.

Israeli exports to Turkey rose 39% to $950 million from $648m., and imports from Turkey rose 16% to $1.05b. from $907m.

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Israeli-Turkish trade accounted for 2.6% of Israel’s foreign trade in 2010.

“Severing relations with Israel will naturally deal a severe blow to Israeli-Turkish trade relations,” Israeli Chambers of Commerce president Uriel Lynn said Monday.

“We hope that the Israeli government will be able to find the right solution to rebuild relations with Turkey.”

Lynn made his remarks in response to Monday’s reports that Turkey might sever its economic relations with Israel, after Prime Minister Binyamin Netanyahu refused to apologize to Turkey for the IDF interception of the Gaza flotilla in May 2010, in which nine Turkish activists were killed on the ship Mavi Marmara.

Israeli-Turkish trade rose 26% to $3.1b. in 2010 from $2.5b. in 2009. Israeli exports to Turkey rose 21% to $1.31b. from $1.08b., and imports from Turkey rose 30% to $1.8b. from $1.4b.

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