The economic impact of the anti-Israeli sanctions imposed by Ankara on trade with Israel has been highlighted in data published by Turkish economic publication Ekonomim. According to the publication, the director of one of the largest Turkish shipping companies, Mahmut Işık (Medkon), stated that since the sanctions were introduced on April 9, the volume of maritime traffic to Israel has decreased by 30%. This reduction in maritime traffic has led to a 27% decrease in exports from Turkey to Israel, as 90% of exports to Israel come by sea. However, the publication also acknowledges that some of the export was redirected through third countries to bypass the sanctions.
The ongoing economic implications of these anti-Israeli sanctions continue to affect Turkish businesses and trade relationships with other countries. On April 9, the Turkish Ministry of Economy banned the export of 1,019 goods in 54 categories to Israel, primarily related to construction materials. This move has had a significant impact on trade between Turkey and Israel, as evidenced by the decrease in maritime traffic and export volumes. Despite these challenges, some exporters have found ways to circumvent the sanctions by rerouting their exports through third countries.
As businesses adapt to changing trade landscapes and find alternative solutions to maintain their global market presence, it will be important for them to stay informed about any potential trade restrictions or conflicts between nations. It is essential for businesses to have a clear understanding of their own supply chains and how they may be affected by such events so that they can take proactive measures to mitigate any potential negative impacts on their operations and bottom line.