The trade volume between Turkey and Israel, which has increased for the last 5 years, broke a record last year and reached 8.4 billion dollars. Exports to this country increased by 35.1% on an annual basis in 2021, reaching the highest level of 6.4 billion dollars.
During the visit of Israeli President Isaac Herzog to Turkey, steps that can be taken to improve cooperation between the two countries will be discussed.
Israeli President Herzog will be the first Israeli leader to visit Turkey since 2008.
President Recep Tayyip Erdogan, at the press conference he held before his departure to Ukraine on February 3, stated that Herzog would visit Turkey in mid-March.
Bilateral relations will be reviewed in all their aspects during Herzog’s visit on March 9-10.
Herzog, who will pay an official visit to Ankara with his wife Michal Herzog, will be welcomed with a state ceremony at the Presidential Complex and will meet with President Erdoğan.
During the visit, which is stated to be coordinated by the offices of the Israeli Prime Ministry and Ministry of Foreign Affairs, the two leaders will discuss various bilateral issues, including Israel-Turkey relations, the potential to expand cooperation between the two states and their peoples in various fields.
During the meetings, it is envisaged to discuss the steps that can be taken to improve cooperation between Turkey and Israel, as well as to exchange ideas on current, regional and international issues.
Foreign trade of Turkey and Israel
While the tension in Turkey-Israel relations increased with the attack of this country on the Mavi Marmara ship in 2010, it was also affected by the Israeli-Palestinian tension.
Despite the stagnation in diplomatic relations during this period, commercial relations with Israel generally continued to be positive.
According to the data of the Turkish Statistical Institute, while the trade volume between Turkey and Israel has increased in the last 5 years, it broke a record last year and reached 8.4 billion dollars. Bilateral trade volume stood at $6.2 billion in 2020.
Turkey’s exports to Israel increased by 35.1 percent on an annual basis in 2021, reaching its highest level of 6.4 billion dollars, while its imports increased by 36.8% to 2.1 billion dollars.
Israel, which is one of the countries with which Turkey has a foreign trade surplus, was recorded as the 9th country in which Turkey sold the most products during this period.
Last year, the section with the highest sales to Israel was “iron and steel” with 1.2 billion dollars, “motor land vehicles, tractors, bicycles, motorcycles and other land vehicles, their parts, parts and accessories” with 504.5 million dollars, 478 It became “plastics and its products” with .4 million dollars.
In the same period, the most imported sections from Israel were “mineral fuels, mineral oils and products obtained from their distillation, bituminous materials, mineral waxes” with $1.1 billion, “iron and steel” with $208.9 million, 150, It was listed as “plastics and its products” with $ 8 million.
According to Trademap, a web-based service provider that offers global trade statistics, in 2020, Turkey was the 4th country in which Israel bought the most products, while it was recorded as the 8th country in which Israel sold the most products.
Israel’s foreign trade volume has more than doubled in the last 20 years
With a population of 9.4 million, Israel is in the position of a country with a deficit in goods trade in general and a surplus in services.
Defense industry, diamond processing and information technology sectors constitute the country’s important export items.
Israel has a surplus in service revenues, especially in the information technologies, health tourism and religious tourism sectors.
Israel’s foreign trade volume has more than doubled in the last 20 years. The volume, which was 62 billion dollars in 2001, increased to 139 billion dollars in 2018, and decreased to 119 billion dollars in 2020 with the effect of the Kovid-19 epidemic.
Israel, which makes most of its foreign trade with the USA and EU countries, is in the position of a country that is highly dependent on imports.
The most developed sectors of the country’s economy are diamond processing, informatics, defense industry, medicine, health tourism and religious tourism.
