Turkey: our No. 3 export market in 1Q

Turkish imports follow behind only US and the Netherlands in export market; Turkey totaled $500 million in first quarter.

By TAL MOISE
May 30, 2011 23:10
1 minute read.
Turkish flag [illustrative]

Turkish flag 311 (R). (photo credit: Osman Orsal / Reuters)

 
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Notwithstanding political tensions between Israel and Turkey, Turkey rose to Israel’s third-largest export market in the first quarter from ninth place in the corresponding quarter of 2010, the Israel Export and International Cooperation Institute reported Monday. Exports of goods (excluding diamonds) to Turkey totaled $500 million in the first quarter, 73 percent more than in the corresponding quarter. Exports to Turkey rose more than exports to other countries. According to Export Institute figures, most of the growth, $260m., was due to a 57% increase in exports of chemicals and refined oil products.

The US is still Israel’s largest export market, with exports to that country totaling $3 billion. China was the fifth-largest export market and the largest export market in Asia. Exports to China totaled $443m. in the first quarter, 12% more than in the corresponding quarter. Exports to India fell 6% to $336m., putting it in eighth place, mainly due to unusually heavy exports to it in the corresponding quarter. Exports of avionics were affected by a single deal in 2010 and fell from $100m. to zero.

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Israel’s top 10 export markets are, in order, the US, the Netherlands, Turkey, Germany, China, Italy, the UK, India, France and Canada.

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