ALBAWABA - Turkey's decision to cut off all commerce with Israel has significantly worsened the continuing crisis in the area and brought numerous sectors of the Israeli economy dangerously close to collapse.
Israel's construction sector now faces an unprecedented danger of collapse, with contractors fearing impending insolvency amid the intensifying war, according to reports from aksam.com.tr, cited from The Jerusalem Post.
The economic analysts in Israel unanimously estimate that Turkey's ban on trade with Tel Aviv would hurt the occupied state's economy and commerce. About $5 billion in raw materials and merchandise are imported from Turkey yearly.
Metals, equipment, vehicles, energy items, rubber, plastics, health products, and agricultural products are expected to stop being imported. Turkey has already stopped exporting building raw materials since the Israeli conflict on Gaza began in October 2023.
Up to $1.5 billion in yearly exports from dozens of Israeli manufacturers to Turkey are anticipated to stop. The Israeli Central Bureau of Statistics reports that 2.6% of Israel's exports to Turkey are lost by Israeli firms.
Turkey's decision is a reaction to Israel's ceaseless assaults on Gaza and its reluctance to stop any possible ground invasions into Rafah, which have sparked demonstrations and worldwide criticism. This has caused Israel to face an economic catastrophe, in addition to boycotts and embargoes by nations that are supportive, such as Turkey.
Israel, which is having difficulty covering the expenses of the continuing battle, has received a significant amount of funding from the US, which has been referred to as "genocide" support. Israeli businesses are in danger of going bankrupt despite this assistance and increasing armaments shipments from the US and Europe.
Raul Srugo, the president of the Builders' Association, sent a strongly worded letter to Israeli Prime Minister Netanyahu and Finance Minister Bezalel Smotrich, warning them of catastrophic consequences, in response to the situation brought on by the Israeli army's ongoing onslaught since October 7.
Srugo said that the Israeli state was being pushed to the verge of disintegration by the administration, and specifically by Netanyahu. He underlined that the current crisis facing the building industry is the worst it has ever faced.
