"We will evaluate our relations, especially economic and trade relations [with Israel] again. We will take steps in this direction after the elections [on June 24],” Erdogan told journalists on the presidential plane while returning from a visit to Bosnia and Herzegovina.
According to Haaretz, Turkey will be the first hit by the sanctions, as its economy is having a tough time and the punitive measures could expand Turkey's trade deficit by nearly $2 billion.
READ MORE: Only Int'l Boycott Can Stop Israel's Aggressive Actions - Turkish Analyst
Turkey-Israel Trade Relations
The countries are rather close trade partners, as 2.1 percent of Turkey’s exports go to Israel. Specifically, in 2016 this number stood at $2.96 billion (from a total export of $142.5 billion).
READ MORE: Israel Expels Turkish Consul in Jerusalem Amid Erdogan-Netanyahu Rift Over Gaza
In the opposite direction, the country's imports from Israel are way less: in 2017, the gap was $1.9 billion.
Thus, the introduction of economic measures against Israel might lead to the expansion of Turkey's trade deficit by $1.9 billion.
Diplomatic Relations, Gaza Issue
READ MORE: Turkey Urges Muslim States to Review Ties With Israel Amid Gaza Violence
Israel, in turn, has blamed the erupted violence on Hamas, saying that the militants' provocations and actions along the border led to the aggravation of the security situation.
Reacting to the Gaza events, Ankara announced a three-day mourning for those Palestinians killed during the protests.
READ MORE: Turkey to Reconsider Economic Ties With Israel Amid Gaza Row
