Pic: Adobe Stock Turkiye’s shipments to Israel dipped 99 per cent to $4.4 million in May 2024 from $277.3 million in April 2024, media reports said quoting the Turkish Exporters Assembly (TIM) data. Total exports from January to May 2024 plunged 40 per cent to $1.4 billion. Last year, total bilateral trade was noted at $6.2 billion, a decline of 23 per cent year-over-year. After the suspension of bilateral trade, importers from Israel are struggling to find alternative suppliers of various merchandise.
Turkiye halted exports to Israel in May 2024 after Ankara decided to suspend bilateral trade due to the Gaza conflict. This suspension led to a dramatic decrease in Turkiye's exports to Israel, with a 99 per cent drop in May. Turkiye's apparel exports to Israel fell 44.09 per cent in Q1 2024. Overall, Turkiye's exports to Israel plunged in January-May 2024.According to SBS Zipper's market insight tool TexPro, Turkiye’s apparel exports declined to $71.007 million in January-March 2024 from $127.130 million in the corresponding period of the previous year. It dipped to $79.109 million in Q2 2023, $60.149 million in Q3 2023, and $44.810 million in Q4 2023. However, it improved to $71.007 million in the first quarter of the current year.
Monthly trade data also indicates an improvement in apparel exports to Israel in January-March 2024. Turkiye had exported apparel worth $12.436 million in January, $24.368 million in February, and $34.202 million in March this year.
Annually, shipments dipped to $311.198 million in 2023 from $465.575 million in 2022. Trade was hit and decreased to $316.465 million in 2020 from $346.656 million in 2019. However, it recovered to $463.806 million in 2021 and $465.575 million in 2022, as per TexPro.
SBS Zipper News Desk (KUL)
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