Israel's exports to Turkey are currently surpassing 2013’s record level, Israel’s Economy Ministry said Thursday.
In the first fiscal quarter of 2014 there was a surge of nearly 25% to US$949.2 million, compared to the same period in 2013. Imports from Turkey grew to US$956 million, a 21% increase from the same time last year.
The increase comes after two-way trade jumped 39% to a record US$48.5 billion in 2013. “Trade between Israel and Turkey is expected to break another record in 2014 if the trends of the first third of the year continue,” the ministry said.
Most of Israel’s exports to Turkey — some 70% — are chemicals. Other big categories include plastics and rubber products, which amount to 9% of the total and electrical equipment, which makes up 6.5%, the ministry said.
Israel’s imports from Turkey cover a much wider range of products that include plastics and rubber, minerals, textiles, concrete, asbestos, ceramics, glass machinery and cars. Ehud Cohen, head of the foreign trade desk at the Economy Ministry noted that “Trade relations between Israel and Turkey are growing steadily. “The Foreign Trade Administration aims to increase exports to Turkey and encourage Turkish investment in Israel.”
