As Israel's President Isaac Herzog is about to meet with Turkish President Recep Erdogan, economic relations between the two countries are also warming up. A delegation of more than 100 senior Turkish businesspeople has arrived in Tel Aviv for meetings with their Israeli counterparts and a cooperation memorandum of understanding (MoU) has been signed between the Turkish Exporters Assembly and Israel's Federation of International Chambers of Commerce.
At the event, which took place at the David Intercontinental Hotel in Tel Aviv, figures were published showing that combined Israel-Turkish trade rose 35% in 2021 to $6.7 billion from $4.9 billion in 2020.
Turkish Exporters Assembly chairman Gulle Ismail and Israel's Federation of International Chambers of Commerce president Uriel Lynn signed the MoU on behalf of their organizations. The signing ceremony was followed by dozens of round table business meetings.
Israel imported goods and services worth $4.76 billion from Turkey in 2021, up 36% from 2020 and exported $1.9 billion in 2021, up 33% from 2020.
The main rise in imports was due to plastics and rubber goods, which rose 40% to $137 million, electrical machinery and equipment rose 30% to $123 million, metals rose 50% to $470 million and cement, ceramics and glass rose 43% to $120 million.
Exports by Israel to Turkey of chemical industry products rose 44% to $273 million, minerals rose 121% to $135 million and metals rose 74% to $113 million. On the other hand, exports of plastics and rubber fell 19% to $44 million.
Published by Globes, Israel business news - en.globes.co.il - on March 6, 2022.
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