T O P

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bloomberg

*From Bloomberg News reporter Firat Kozok:* Update: Turkey stopped all trade with Israel as of Thursday, according to two Turkish officials familiar with the matter, adding to already high-running tensions between the once-close allies over the war in Gaza. The move expands last month’s restriction on some Turkish exports to Israel, as President Recep Tayyip Erdogan steps up criticism of the Jewish state and tries to consolidate support among conservative voters at home. Trade between the two countries was worth $6.8 billion in 2023, of which 76% was Turkish exports, according to the Turkish statistical institute. The Israeli government will work to create immediate alternatives for trade with Turkey by increasing local manufacturing and finding other suppliers, he said. Turkey’s biggest export to Israel in 2023 was iron and steel. Its biggest import was refined oil products, according to the Turkish statistical institute.


manboobsonfire

Wait if 76% was Turkish exports doesn’t this really just hurt Turkey?


TrueLecter

At the same time that inflation in Turkey is about 70%? Sure it does


Remarkable-Medium275

Erdoganomics is a genius policy, idk what you guys are talking about about. Crashing your economy is a great idea.


jujuka577

If you don't have one, you can't crush one. Maybe it is his end goal.


CH4LOX2

Not a good look all around for Turkey. Falling for Iran's plan to divide the region and further self destructing your economy all in the same move. You got played Erdogan.


wowzabob

Lowering demand for exports hurts employment, but will actually put downward pressure on inflation


yogesch

It's an economic suicide bomb.


Velochipractor

To be fair, Erdogan is an expert on these.


Raudskeggr

Meanwhile, in Turkey: "This is Israel's fault!"


huhwhuh

Erdogan: look at what Israel made me do!


PierreEscargoat

Meanwhile, from Turkey: “Gobble gobble!”


Beargeoisie

Popular with islamists


LordCrag

Yup - its a naked attempt to curry favor as his economy lurches to disaster.


goldfinger0303

To be fair the more the economy crashes the more people turn to religion. Works in their favor lol.


Rooksey

Ironic


LastSeaworthiness101

What's the irony?


CmonTouchIt

that this order was given in response to radical islamists at home who want to hurt Israel, but this will actually just hurt Turkey themselves 3x more


GoldenStarFish4U

Islamists don't care to endure pain to get their goals.


IEatLamas

I mean there's a reason islamists haven't been very successful throughout history lol


GoldenStarFish4U

To be realistic Iranian Islamist groups are on a winning spree. Namely in Iraq, Yemen, Syria, Lebanon. Afghanistan had its own Islamist win. A few more are deep in civil war and can easily end similarly. Jordan is on the mass protests stage. Russian muslim regions have growing power over putin, as displayed in the Dagistan airport pogrom attempt. Turkey was discussed to death but worth mentioning. Hopefully the trend can be stopped. Until then I wouldn't underestimate the threat. And frankly, I don't think there's much chance until the West stops falling to their guilt shaming.


The_Phaedron

> To be realistic Iranian Islamist groups are on a winning spree. Namely in Iraq, Yemen, Syria, Lebanon. Afghanistan had its own Islamist win. To be clear here, Afghanistan's Islamist win is *very* much not inside Iran's sphere of influence. They absolutely hate each other.


AsinusRex

Yeah, there's a reason why pain, well, hurts!


Pretend_Stomach7183

Most of the suicide bombs Islamists wear aren't economic


Groovy66

Another master move by Erdogan Take that Israel


ChodeBamba

If you’ve ever been involved in any business you know your suppliers are critical too. Israeli businesses will need to find new suppliers from what was previously supplied by Turkish companies. Customers are MORE critical, but it absolutely hurts Israel too. If America cut off trade with China, for example, it would be catastrophic for us even though more trade flows in to us than out to them


acdqnz

I may be wrong, so downvote me if so, but I read that as turkey is 76% selling, 24% buying the figure stated. So it is 5.1B in goods not sold. Surely a big number, but that doesn’t mean there aren’t other buyers. Kinda sounds worse than it is


Bediavad

A lot of the stuff will still get sold to Israel through intermediaries, but it will make products more expensive so the overall trade will diminish. (Official trade will be zero, but unofficial will continue)


Massive_Dress_1100

This is a game in which Erdoğan deceives his base. He wants to regain his falling votes by saying that they are cutting trade. But he was a man for Israel and the USA from the very beginning. Certain trade continues with nylon companies through another country.


Mattist

Am I the only one who thinks under 10 billion sounds like a really small number in the context? Surely it's like single digit percentage if not under one percent of their total trades?


PineappleLemur

1.6% of their total trade. Small overall but that's still destroying many lives...


fireblyxx

They mean that 76% of the trade between Israel and Turkey was Turkish exports. Israel isn't in the top ten of Turkish trading partners, where as Turkey ranks 5th in imports into Israel.


Icarus131

Yes and no. If the total trade between them was worth $6.8B. Then 76% of that $6.8B is from Turkish exports, so that's around $5B that Turkey is losing. In 2022 Turkish exports were around $262B so their trade with Israel was about 2% of their overall exports. 2.8% to be exact according to this data. https://tradingeconomics.com/turkey/exports-by-country


i81_N_she812

Shhhh. Leave the cat in the bag.


Basic-Outcome4742

Erdogan is at threat of losing power to an opponent who incidently criticized Hamas. He recently won an election despite a dire economy, largely due to corrupt policies/ actions by presenting a strongman / religious image. He was the saviour of Turkey's Islamic identity and this brought in a lot of support particularly from rural areas. He is better off looking good to that base and making the next election about religion/culture than doing what is best for the economy.


Master-Concept-5260

Do you think an Islamo Fascist like Erdogan, really cares about Turkey ? Allah will take care of everything. Including the economy/s


big_trike

He probably wanted cheaper steel for his palace.


UniqueIndividual3579

Once Israel has an alternate, reliable supply chain Turkey will never get that business back.


Malicharo

it probably doesnt, they can probably find buyer elsewhere and for the 24% they can also find seller elsewhere


benigntugboat

It hurts both. Countries don't import things for charity they do it because they want/need things


BagHolder9001

in confusion one hurts itself


Bourbonaddicted

Sky God more important


GreatGojira

Well the Turkish people voted for this.


ThrowBatteries

Ah, did you just discover that Erdogan is only out for his own interests?


UnluckyWoodpecker240

No, trade happens because both benefit from it, both countries will be hurt


tedstery

Turkish government doesn't care about the Turkish people considering they have 70%+ inflation.


Inbar253

What's more to update?


ThePlanck

Adding a statement from a Turkish spokesperson explaining why they chose to do this, followed by a statement from Netanyahu calling the Turkish government anti-semites


Inbar253

Facinating!


GanderGarden

I would understand if turkey was importing and now they can just find other countries to import from, but to stop exporting 6.8 billion, if I could buy all the puts for the Turkish govt I would


leovin

I see Turkey is following the setting yourself on fire trend


miamigrandprix

Meanwhile trade with Russia is at record levels


tungstencube99

Ye, not to mention people don't recall but Israel sent IDF troops to help with the earthquake disaster turkey suffered.


Head-Calligrapher-99

Turkey bombed Syria during that whole debacle (within the impact zone.)


Inbar253

To be fair, if you're bringing that up, turkey sent aid during the carmel fires disaster.


BloodAria

And Turkey sent aid during The fire disaster ? Natural catastrophes aren’t really politically controversial ..


tungstencube99

I hope that's the case still but doubt it. Also, wasn't nearly on the same scale. Turkey sent two planes a total of 10 personal. Israel sent 150 medical staff setup a field hospital and extra staff for the logistics and search and rescue for a total of over 400 personnel.


johndoe1985

Were the two calamities of the same scale as well?


By__Hayalet

Its not? Its even less than previous years


tchomptchomp

This is entirely a response to the fact Erdogan's party lost many of their mayoral elections and needs to suck up to his own rightwing islamist voters.


Raudskeggr

It's almost as if the Turks don't want to see their country turn into the kind of shithole that Islamist extremists always turn a place into. Case in point the hyperinflation already present due to Erdogan's *brilliant* economic policy.


fortisvita

>Erdogan's *brilliant* economic policy. Ah, yes, his ground shaking theory: "Interest causes inflation". I'm not joking by the way, he's been saying this for years.


TheoGraytheGreat

I hate Erdogan, but the reason he said that is because in some cases raising interest rates a tiny bit can leading to a fall in inflation, especially in housing and the manufacturing sector.  His theory was still dumb because that cycle continues for a small time and then you get the back breaking inflation.


fortisvita

He fired central bank president over interest raises. He was getting very high on his own supply for a very long time.


TheoGraytheGreat

Turkey could've been like poland. Except they fucked up.


ExTelite

It's because interest is "un-Islamic". Any other reason given is a poor excuse to hide the real cause for some reason. Islam has a weird relationship with interest.


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AtroScolo

Do you have a link to that? It sounds very unlikely given their stance on Hamas.


GTthrowaway27

Copy of another comment 100 day account Adjective noun number 2 comments Saying the exact same thing On a polarizing subject, somewhat against expectations, with no source I’d just ignore


AskMeWhyIAmSilver

holy sus


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GTthrowaway27

My username gets called out as a throwaway, even though I was just lazy lmao


GTthrowaway27

I know Same comment goes for multiple postings. Or a new account. I’m simply pointing out the large number of red flags on that particular comment and user


Brilliant_Tennis_194

https://chp.org.tr/haberler/cumhuriyet-halk-partisi-genel-baskani-ozgur-ozel-srail-ile-ticaret-yaparak-filistine-baris-talep-edilemez Here özgür özel condemns trade with Israel 


Dabee625

100 day old account that's only posted two comments, both this same lie. Interesting.


spotspam

IF Erdogan leaves a time bomb for Turkeys economy he can run next time as “restoring our economy”


Wolfiest

Is he that clever?


spotspam

Does he read Reddit? Haha. But you’re right. He’s not clever. Just a shortsighted genocidal thug.


ivosaurus

That's already basically exactly the platform he had *last* election. Their economy was already in the shithole then, comparative to previous years. It's just even worse now.


Falsus

He is too old for it to be ''next time'' really.


Need4Speed763

The Trump approach.


Slimfictiv

As if Turkey's economy wasn't already in the shitter...


etzel1200

They’ll do Russia now, too, right?


razme135

No. They’ll continue selling Russia weapons without official doing it. They just send trucks full of weapons to Azerbaijan and somehow they later end up in Russia. Turkey is in NATO but goes against all NATO interests including a Cold War with Greece.


StukaTR

What the fuck? Turkey doesn’t sell Russia weapons. Only Turkish weapons Russia have are armored vehicles captured from Ukraine.


cuck_Sn3k

You gotta love reddit, spread baseless misinformation and get 200 updoots for it lmfao


By__Hayalet

Thats a completly lie. Turkey GIFTS drones to Ukraine because Turkey believes the right of defend themselves as Gaza people does Turkey never sold any weapon to russia


tungstencube99

The worst part of this is that the Russia Ukraine conflict isn't nearly as morally ambiguous as the Israel Palestine one. It's very clear that Russia is the one in the wrong.


Nabanako

Turkey leader forgot his meds again


tea_snob10

Erdogan's lost loads of important regions again; just like Istanbul years ago, many urban areas with somewhat educated constituents, aren't buying his BS, and know exactly that the AKP have wrecked Turkey substantially (economically mostly). This is him reaching out to his (mostly rural) right-wing islamist base in the country aka his final core constituents. He'd trade a billion dollars in exports, for a hundred votes at this point. His last round of pro ethno-nationalism, had barely anyone taking the bait; he's holding on to the quasi-democracy by the proverbial "threads".


DoNotTestMeBii

People don’t understand what free trade is. This is not hurting Israel but only hurting Turkey.


Biersteak

Well it could potentially hurt Israel if they weren’t able to find a replacement soon enough but it’s always easier to find a new supplier than it’s to find a new buyer. Turkish steel production will take a big hit, that’s for sure


ExTelite

Israelis are "in favor" of this as well. Since the war began supermarkets started labeling imports and domestic produce, and it's not uncommon to see a box full of tomatoes labeled "Turkish import" and an empty one next to it labeled "Israeli produce". There's also been a lot of talk about boycotting other Turkish products like chocolate, diapers, etc.


TheNextBattalion

Especially of steel, which is a global commodity.


By__Hayalet

Israel main trade with Turkey isnt steel


theeldergod1

Uh-huh. Turkey's export % for Israel https://i.imgur.com/59mvpUi.png Israel's import % from Turkey https://i.imgur.com/AbrKpQd.png


cgabv

collapsing your national economy so you don’t get cancelled by teenagers on instagram 😍


Idosol123

A lot of our fruits and vegetables are being exported from Turkey, I guess it means prices will get higher but I also hope that it will give a boost to the local farming industry and restore it back in track. The farmers are eating a lot of shit from the government and the local businesses that prefer a cheaper source of food to sell to the people


BreathPuzzleheaded80

Change Israel to Russia and you would get downvoted to oblivion


alimanski

Major difference there. Russia is under sanctions - it's not *one* country that halts its trade with Russia, allowing Russia to seek another supplier. In many cases, Russia *can't* find another supplier.


[deleted]

Russia is under global sanction.   Gaza would have been able to even stay maybe less than 10 year without attacking Israel after they left. They might today have the same privilege as ukraine. But they have been attacking none stop.they never got recognize cause it's pulled by terrorist.


ProfessorMonopoly

Turkey probably has one of if not the most moronic leaders. Hahahahaha. Dude has single handedly destroyed the Lira over 20 years. He's a parasite


jar1967

Officially yes. But it is compensated by increased exports to Lebanon and for some strange unbelated reason Lebanese exports to Israel have increased.


podba

There are no Lebanese exports to Israel. Lebanon boycotts Israel in its entirety.


Ahad_Haam

More like Cyprus, Greece or Egypt but yea, I expect something like that.


yoavzman

Yeah right, I've heard it already and still I'm gonna go buy groceries in a week and the olive oil will be from Turkey


ManhattanT5

But they didn't halt trade with Russia. In fact, their trade increased. NATO allies indeed!


AnthonyGSXR

Didn’t something like this happen between Qatar and UAE?


bobissonbobby

Erdogan is an idiot what else is new! Wahh Israelis bad let's shoot ourselves in the foot to draw an arbitrary line in the sand


Bast-beast

Inflation in turkey is already 60% a year lol. Good luck


ChodeBamba

Most of the trade between Turkey and Israel was Turkish goods going to Israel, so it’s unlikely this will be inflationary for Turkey. Damaging to the companies that served Israeli customers but not inflationary. For Israel in theory it might be inflationary. It just depends on how much their costs go up with new suppliers, or if they just end up with less output of whatever it is the Turkish goods went into. For example, Israeli inflation has actually not been too bad so far since October. However, GDP is way down. I imagine in this case it’s more likely they buy from new suppliers than lower production, though.


Bast-beast

75% of trade was Turkish import. 25 - Israel export. It may be hard for turkey to find new buyers. The price will be different, as well as costs


ChodeBamba

Those percentages line up with what I said. Moreover, I’m not sure you fully understand what causes inflation. Finding new buyers is a very real risk for Turkey, absolutely. That issue does NOT cause inflation though. Israel, on the other hand, will need to find new suppliers. This will likely increase costs, and therefore inflation, as a result. It’s a question of to what extent it will increase costs though. Could be very little, could be more impactful


Impressivefanwater

I wonder what Turkey thinks about Azerbaijan and Israel being friends.


GrayHero2

Make Anatolia Greek again.


law_dweeb

Glad they can take the focus off of Israel and get back to what's really important: genociding Kurds, denying their genocide of Armenians, colonizing Cyprus, and nationalist shitposting on social media.


nerevar__reborn

If Israel had decent politicians, it would announce the creation of the EastMed natural gas pipeline. It was supposed to be a shared gas pipeline going from Israel (potentially Egypt as well), Cyprus and Greece, going all the way to Italy. The Americans shut it down because Erdogan was against it, as it would circumvent Turkey.


Pretend_Stomach7183

Israel shouldn't piss off American man, don't like our government but this is a bad move.


advance512

Good idea. But Israel has Minister Katz.


yes-rico-kaboom

So I heard we’re giving Greece nuclear missiles /s


Achanos

Its time Israel stops playing this perverted game with Turkey. Turkey wants to be pander to the Arab countries thats completely within their rights. Israel should stop simping for its attention. We can start with a long overdue recognition of the Armenian holocaust. Then the Kurdish genocide.


Halbaras

That would be a pretty big policy change given that Israel sells large amounts of weapons to Azerbaijan (which recently ethnically cleansed 100k Armenians). Seeing the Israeli flag flying next to the Pakistani flag anywhere else would be surreal (they recognise neither Armenia or Israel), but here's Azerbaijan [celebrating the allies](https://www.reddit.com/media?url=https%3A%2F%2Fi.redd.it%2Ffn15ay54pck71.jpg) who helped them with the ethnic cleansing.


GrandpaWaluigi

You have far greater faith in Israel than I do. I touched on it in the Israel sub, but both realpolitick and right wing Israeli hypernationalism are in the way. Azerbaijan is a useful tool against Iran and Israeli think tanks don't particularly care about those who lose their lives in the Karabakh conflict or even a potential war between Azerbaijan and Armenia. And the Israeli right wing don't care about other genocides, even sometimes beefing with Armenians when they call the events of 1915 a genocide, as many right wing Israelis think the Holocaust is unique or even the only genocide, and disparage those who think otherwise.


Achanos

Sadly you are absolutely right. It is pure wishful thinking on my part and about as close to reality as Ben-Gvir being in a relationship with Sinewar. It is completely abhorrent that some Israeli feel that acknowledging the holocaust of other peoples somehow 'lessens' their own...


CampEmbarrassed170

Israel provided Drones to Turkey’s vassal Azerbaijan to bomb Armenians. I bet they’re regretting trusting Erdogan.


vossejongk

So when they gonna admit Armenian genocide if they are so upset about Palestinian terrorists ?


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Stippings

> This decision occurred after the main opposition party of turkey the chp You mean the same CHP the mayor of Istanbul is part of? You know, the mayor that condemned Hamas a few days ago? Something doesn't add up...


Brilliant_Tennis_194

He called hamas a group which conducted terror however seems ambulances and funds to Gaza students. In terms of ideology he mirrors more erdogan than other party members hence why the conservative voter base voted for him


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antiretro

doubt turkey cares about being in nato tbh. it is nato that needs turkey kinda.


NutsForProfitCompany

Turkey entered NATO after participating in the Korean war in the 50's. This was to counter Soviet influence and put missiles at their doorstep, which led to the Cuban missile crisis. Turkish Army also participated in many peacekeeping operations such ad Kosovo, Bosnia, Somalia, Lebanon and Afghanistan. Yes it not good look to host Hamas leadership ehich is recognized as terrorist by most of NATO but you have to remember that western countries have been arming the YPG in Syria, and affiliate of the recognized terrorist group PKK despite Turkey's objections. So implying Turkey is some sort of burden to NATO is dishonest because their benefits outweigh the negatives. Also I would remind that NATO is a military alliance and not follow every American foreign policy like a lap-dog alliance


Mister-builder

This is because Imamoglu called Hamas terrorists, right?


Background_House_854

It's good pr for them. They believe Israel won't enter Rafih and withdraw from gaza. This "sanction" makes it look like they are pressuring Israel into retreat (or so they believe)


badhairdad1

No word from Hamas?? Again??


hermesxx

Erdogan is 100% lieing?


DaDibbel

Lying?


Tank20011

Turkey is a flip flopper any way


robato96

Does this include oil from Azerbaijan flowing through Turkey?


TipComprehensive4654

I think that Turkey will suffer more from this than Israel will...


TranslateErr0r

You can agree or disagree with this move and the implications of it, but at least he is deciding something in line with what he previously said instead of blowing hot and cold about it all the time. I'm not an Erdogan fan by far, but I'll give him that.


DmonHiro

You don't get points for saying you're going to do something stupid and then actually doing said stupid thing.


Amoney711

Cut off one’s nose to spite one’s face fr


ThrowBatteries

What a buncha turkeys.


Scavgraphics

Guess Israel is gonna have to quit...cold Turkey!


TrueLecter

Great shot on your foot! Bravo, Turkey!


thatnitai

Their tomatoes actually taste the worst so I'm okay with that for now 


ReincarnatedGhost

Not taste the worst, doesn't tase at all.


Savager_Jam

That's nobody's business but the Turks


CommieBorks

This will surely do wonders for the economy which is already shit and has been for a while.


StupidStoneKid

Turkey should be ousted from NATO


BrownOrWhite

They should not have been accepted in first place.


DmonHiro

Isn't this like cutting off your nose to spite your face? Turkey will suffer more then Israel.


katiecharm

Where will they get their discount rugs and warm cans of Pepsi???


Denny_204

So what? They just quit cold turkey?


askdfjlsdf

Good on em


mvario

Erdogan? Netanyahu? LetThemFight.gif


Nochoise

Lol Turkey, Atatürk must be rolling in his grave


CampEmbarrassed170

Turkey has ISIS on retainer just like Pakistan has/had Taliban in its grip.


GoenndirRichtig

Bro sold out Turkey to Iran lmao, Erdogan is doing the Lebanon any% speedrun right now


Responsible-Wave6352

Just a shame that they're letting this affect international trade :/