#Turkeys #decision #stop #trade #affect #Israeli #economy
Despite the import and export ban imposed by Türkiye on Israel, a serious product shortage is not expected in Israel. However, Israel’s turning to alternatives for imported products may increase product prices.
Sozcu.com.tr
Published: 06 May 2024 – 11:38 Updated: 06 May 2024 – 12:00
Türkiye’s decision to stop trade with Israel last week will affect the Israeli economy due to price increases in imported products.
According to officials and importers, the decision to suspend trade could lead to increased prices of various products.
Last week, Turkey stopped trade with Israel, and in the statement made by the Ministry of Commerce, it was stated that “Export and import transactions related to Israel have been stopped, covering all products.”
The Israeli press focused on how the Israeli economy would be affected after Turkey’s restrictions. According to importers, it is difficult for Israel to experience product shortages. However, price increases are expected for various products.
According to the Israeli newspaper Ynet, a senior official from the Israeli Ministry of Economy said, “Israel will cope and find alternatives, Turkey is affected by the embargo.”
OLIVE OIL PRICES WILL INCREASE
Oded Guri, co-CEO of Guri company, an importer of cleaning products and food, also said that there are various solutions. Guri made the following statements:
“I talked to suppliers from Turkey and no one knows what is going on. We import napkins, soap, olive oil and more from Turkey. Two trucks of Turkish olive oil were supposed to arrive next week. We will not suffer from the embargo because there will be other solutions. For example, from Eastern Europe “But it will definitely be more expensive. There is a lot of olive oil coming from Turkey and now we will have to bring oil from Spain, which is about 20 percent more expensive.”
Yoram Badash, CEO of electrical home appliances seller Mahsanei Hashmal, said, “Turkey’s embargo is not a big problem for us because there are alternatives from all over Europe. In other words, washing machines will be purchased from Poland and China, not from Turkey. “I’m not sure that the embargo will lead to a significant price increase because even today most electrical products do not come from Turkey,” he said.
THEY WILL ALSO LOOK FOR ALTERNATIVES FOR EXPORT
Trade Commissioner and Head of the Foreign Trade Administration of the Ministry of Economy Roey Fisher said, “Even if shipping costs us more, Israel needs to deal with it and find alternatives.”
Stating that Israel’s exports will be damaged, Fisher said, “We will intensify efforts to find alternatives for exports to Turkey at a cost of approximately 2 billion dollars.”
Fisher also said, “Erdogan is openly and blatantly violating Israel’s trade agreements and World Trade Organization agreements in an almost unprecedented manner.”
