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So.. what does the Turkish embargo mean for Israel?
Updated on: 8th May, 2024
The analysis was done following the Turkish announcement in early may of 2024, of a ban on all imports and exports to and from Israel, as a pressure lever to end the war in Gaza.
All data in this article is taken from https://oec.world/en/profile/country/isr - where latest data is available for 2022.
Imports of Goods from Turkey
Imports of Goods from Turkey
6.75% ($7 Billion) of all Import into Israel - $104 Billion.
Breakdown Turkish import into Israel by product type
Breakdown Turkish import into Israel by product type
Top 5 goods imported from Turkey form ±25% of all imports: Raw Iron Bars (10.8%), Cars (5.05%), Jewellery (3.78%), Cement (3.35%), Insulated Wire (2.94%)
So how much does each Commodity depend on Turkish Import?
So how much does each Commodity depend on Turkish Import?
Top 30 goods by volume of import ($)
Top 30 goods by % dependency on Turkey - Important to note this covers only dependency in imports... if there is local produce with a significant market share, it is not illustrated here.
It's interesting to explore who might gain from the ties severed by Turkey, as Israel will certainly need to replace import for goods that are critical to its industry and consumption. We'll focus our view on goods with more than 50% of imports from Turkey and more than $20M in trade volume.
Turkey is actually the top exporter in the world, but Israel buys them from other countries too, with the UAE, Switzerland and Jordan as top suppliers after Turkey.
Cement (±$234M)
Cement (±$234M)
Israel currently sources cement from Switzerland, Cyprus, Spain, and several more.
Export of Goods to Turkey
Export of Goods to Turkey
3.03% ($2.33B) of all Exports from Israel - $77 Billion.
Breakdown of exports from Israel to Turkey by product type
Breakdown of exports from Israel to Turkey by product type
Total Exports sum up to $2.3 billion, where 2 main goods form more than 50% of exports, Refined Petroleum (44.2%) and Scrap Iron (12.6%).
Just to get a glimpse, let's look at what it means for Turkey to stop Israeli imports and exports.
Exports
Exports
Those are the same $7B we met earlier when we viewed them as imports into Israel from Turkey. They form 2.67% of the total $262 billion of exports.
Imports
Imports
These are $2.33B of Imports into Turkey from Israel, forming 0.78% of all the imports, which total $299 billion.
Let's look at the effects on each goods within its market in Turkey, by volume of trade as part of overall exports, and by fraction of export to Israel.
Moving on to imports, let's look at the effects on each goods within its market in Turkey, by volume of trade as part of overall imports, and by fraction of import from Israel.
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