The overall volume of trade between Israel and Turkey is expected to reach US$4 billion this year, after totaling US$2 billion in the first half of 2011
Uriel Lynn, President of the Federation of Israeli Chambers of Commerce, said last week that the escalating crisis with Turkey could cause heavy damage to the Israeli industry: "Israel may lose important trade partner, leading to dismissal of hundreds of workers", he warned.
In a press release issued by the Federation Lynn noted that "If the Turkish authorities decide to sever their trade relations with Israel, Israel will lose an excellent and important trade partner.
So far, despite the crisis, the trade relations between the two countries have not suffered," Turkey is Israel's sixth leading export destination, with the chemicals and oil distillates industry making up more than half of Israeli exports to the country and metals constituting about 11%.
Another prominent industry in Israel's exports to Turkey is agricultural produce.
The overall volume of trade between Israel and Turkey is expected to reach US$4 billion this year, after totaling US$2 billion in the first half of 2011 – up by 26% increase compared to the first half of 2010, when the overall volume of trade between the two countries amounted to US$1.59 billion.
The first half of 2011 saw exports to Turkey up by 39%, from US$648 million to US$950 million. Imports rose by 16%, from US$907 million to US$1.05 billion.
The Israel-Turkey trade volume makes up almost 3% of all Israeli trade this year. In 2010, the trade volume totaled US$3.1 billion, following a 26% rise compared to 2009 – when it stood at US$2.5 billion.
