Israel's trade with Turkey worth $2b in first half

Israeli Chambers of Commerce: Israeli-Turkish trade was 26% higher in the first half of 2010 from the corresponding half of 2010.

Israeli-Turkish trade rose 26% to $2 billion in first half of 2011 from $1.59 billion in the first half of 2010, the Federation of Israeli Chambers of Commerce reports. Israeli exports to Turkey rose 39% to $950 million from $648 million, and imports from Turkey rose 16% to $1.05 billion from $907 million.

Israeli-Turkish trade accounted for 2.6% of Israel's foreign trade in 2010.

"Severing relations with Israel will naturally deal a severe blow to Israeli-Turkish trade relations. We hope that the Israeli government will be able to find the right solution to rebuild relations with Turkey," said Chamber of Commerce president Uriel Lynn.

Lynn spoke in response to today's reports that Turkey might sever its economic relations with Israel, after Prime Minister Benjamin Netanyahu refused to apologize to Turkey for the IDF interception of the Gaza flotilla in May 2010, in which nine Turkish activists were killed on the ship Mavi Marmara.

Israeli-Turkish trade rose 26% to $3.1 billion in 2010 from $2.5 billion in 2009. Israeli exports to Turkey rose 21% to $1.31 billion from $1.08 billion, and imports from Turkey rose 30% to $1.8 billion from $1.4 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on August 22, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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