Turkey Threatening Israel With Sanctions After Envoy’s Recall – Reports

Turkey Threatening Israel With Sanctions After Envoy’s Recall – Reports
AP Photo / Murat Cetinmuhurdar/Pool PhotoMiddle East15:13 23.05.2018(updated 15:34 23.05.2018) Get short URL181

Recently Turkish President Recep Tayyip Erdogan recalled the country’s ambassadors to the US and Israel, accusing them of “state terror” and “genocide”, referring to the situation in the Gaza Strip.

“We will evaluate our relations, especially economic and trade relations [with Israel] again. We will take steps in this direction after the elections [on June 24],” Erdogan told journalists on the presidential plane returning from a visit to Bosnia and Herzegovina.

According to Haaretz, Turkey will be the first hit by the sanctions, as its economy is having a tough time and the punitive measures could expand Turkey’s trade deficit by nearly $2 billion.

Turkey-Israel Trade Relations

The countries are rather close trade partners, as  2.1 percent of Turkey’s exports are going to Israel. Specifically, in 2016 this number stood at $2.96 billion (from the total export of $142.5 billion).

Contrariwise, the country’s imports from Israel are way less: in 2017, the gap was $1.9 billion. 

Thus, the introduction of economic measures against Israel might lead to the expansion of Turkey’s trade deficit by $1.9 billion.