Despite Turkey Israel relations crisis, Turkey became third-largest export market for Israel in Q1 2011, with Israel ‘s exports to Turkey exceeding $500 million, excluding diamonds.

The Israel Export and International Cooperation Institute reported, most of the increase attributes to a 57% increase in Israel’s exports of chemicals and refined oil products to Turkey in the first Quartal of 2011, which together totals $260 million.

In April trade volume between Turkey and Israel was at its highest level in history

As diplomatic relations between Israel and Turkey worsened after the Gaza flotilla attack, bilateral trade thrived. Co-Chairman of the Turkish-Israeli Business Council Ekrem Guvendiren told that supply and demand indicate that business continue as usual.

Ekrem Guvendiren said that the Turkey’s policy has always been to cooperate with Palestinian leaders as well as with Israel, and noted that diplomatic stability would further benefit Turkish-Israeli trade and relations.

Israel and Turkey signed a bilateral free trade agreement in 1997 that caused trade to nearly double within two years. Since then, trade volume has boomed consistently, leaping from $1.3 billion in 2001 to a whopping $3.5 billion in 2010, the first year that saw trade volume exceed $2 billion.

Protest against Israel on Anniversary of Gaza Flotilla Raid

While Israel Turkey Trade booms, the Turkey Israel relations in politics seem to be still far from stable, as over 30,000 Turks staged a protest against Israel on Istanbul’s main street Monday night on the anniversary of the Israeli raid on a Gaza-bound aid flotilla.

 

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