Turkey Now Third-Largest Export Market for Israel
31.05.11, 13:35 / Financial News
Turkey became Israel’s third-largest export market in Q1 2011, with the country’s exports to Turkey totaling $500 million, excluding diamonds, the Israel Export and International Cooperation Institute reports.
According to the Export Institute, most of that rise is attributable to a 57% rise in Israel’s exports of chemicals and refined oil products to Turkey in Q1, which together comprised $260 million.
In April, Turkey’s Today’s Zaman reported that trade volume between Turkey and Israel was at its highest level in history.
As diplomatic relations took a turn for the worse following the flotilla attack, bilaterial trade flourished. Co-Chair of the Turkish-Israeli Business Council Ekrem Guvendiren told the Zaman on Sunday that supply and demand dictated that business continue as usual.
Guvendiren said that the Turkey’s policy has always been to work with Palestinian leaders as well as with Israel, and noted that diplomatic normalization would further benefit Turkish-Israeli trade.
Israel and Turkey signed a bilateral free trade agreement in 1997 that caused trade to nearly double within two years. Since then, trade volume has increased consistently, growing from $1.3 billion in 2001 to $3.5 billion in 2010, the first year that saw trade volume exceed $2 billion.
Israel’s exports to China in the first quarter were up 12% year-on-year and totaled $443 million, making China the country’s fifth-largest export market. The US retained its place as the No. 1 export market for Israel, followed by the Netherlands.
via Turkey Now Third Largest Export Market for Israel.
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