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BBG-Turkey Halts All Trade w/Israel: Officials

TURKEY
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Bloomberg reporting that according to Turkish officials the country has halted all trade with Israel. BBG: "Trade between the two countries was worth $6.8 billion in 2023, of which 76% was Turkish exports, according to the Turkish statistical institute."

  • This comes amid a major deterioration in relations between the two countries since October 7 and Israel's subsequent war on Hamas in Gaza. Turkish President Recep Tayyip Erdogan has been one of the most outspoken regional leaders with regards to Israel's actions as well as calling Hamas 'freedom fighters'. It marks a significant turn-around from prior to Oct 7, when there was talk of Israeli PM Benjamin Netanyahu visiting Turkey for talks with Erdogan.
  • On 1 May, reports emerged that Turkey was seeking to join in South Africa's ICC case against Israel that accuses the country of committing genocide in Gaza.
  • Turkey's hard-line stance vis-a-vis Israel (exemplified by Erdogan hosting Hamas leader Ismail Haniyeh in IStanbul in April) risks relations with NATO allies who, to a greater-or-lesser extent- suppor Israel.
  • There has been little reaction to the headlines. USD/ILS has seen a minor uptick off its daily lows, but the pair remains well-within the day's prior ranges. Similarly, reaction in USD/TRY was muted.
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Bloomberg reporting that according to Turkish officials the country has halted all trade with Israel. BBG: "Trade between the two countries was worth $6.8 billion in 2023, of which 76% was Turkish exports, according to the Turkish statistical institute."

  • This comes amid a major deterioration in relations between the two countries since October 7 and Israel's subsequent war on Hamas in Gaza. Turkish President Recep Tayyip Erdogan has been one of the most outspoken regional leaders with regards to Israel's actions as well as calling Hamas 'freedom fighters'. It marks a significant turn-around from prior to Oct 7, when there was talk of Israeli PM Benjamin Netanyahu visiting Turkey for talks with Erdogan.
  • On 1 May, reports emerged that Turkey was seeking to join in South Africa's ICC case against Israel that accuses the country of committing genocide in Gaza.
  • Turkey's hard-line stance vis-a-vis Israel (exemplified by Erdogan hosting Hamas leader Ismail Haniyeh in IStanbul in April) risks relations with NATO allies who, to a greater-or-lesser extent- suppor Israel.
  • There has been little reaction to the headlines. USD/ILS has seen a minor uptick off its daily lows, but the pair remains well-within the day's prior ranges. Similarly, reaction in USD/TRY was muted.