Türkiye Says Exports to Palestinians Surge after Halting Trade with Israel over Gaza War

A Turkish flag with the Bosphorus Bridge in the background, flies on a passenger ferry in Istanbul, Türkiye September 30, 2020. (Reuters)
A Turkish flag with the Bosphorus Bridge in the background, flies on a passenger ferry in Istanbul, Türkiye September 30, 2020. (Reuters)
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Türkiye Says Exports to Palestinians Surge after Halting Trade with Israel over Gaza War

A Turkish flag with the Bosphorus Bridge in the background, flies on a passenger ferry in Istanbul, Türkiye September 30, 2020. (Reuters)
A Turkish flag with the Bosphorus Bridge in the background, flies on a passenger ferry in Istanbul, Türkiye September 30, 2020. (Reuters)

Türkiye's exports to Palestinian territories leapt sixfold in the first nine months of the year to $571.2 million, data showed on Tuesday, five months after the country halted trade with Israel in protest over its war in Gaza.

The 526% rise in exports occurred largely after the ban went into effect. In the first four months of the year, Turkish exports to Palestinian territories were up 35% to $49.4 million, according to data from the Turkish Exporters Assembly (TIM).

Turkish opposition lawmaker ​​Mustafa Yeneroglu on Monday submitted questions to parliament about the sharp increase in exports to Palestinian areas and ongoing ship traffic from Türkiye to Israel, despite the trade ban.

Yeneroglu asked Trade Minister Omer Bolat to respond to local media reports that trade with Israel was quietly continuing through Palestinian companies, with shipping documents describing goods as going to Palestinian territories when they were actually going to Israel.

Asked for comment by Reuters, the Trade Ministry pointed to previous statements on the issue. On Sept. 18, it denied trade with Israel was continuing, reiterating that it ended on May 2.

It said Palestinian authorities had declared several times that Turkish goods were used exclusively in Palestinian areas.

These territories encompass the Gaza Strip, the Israeli-occupied West Bank, and Arab East Jerusalem.

The trade ministry imposed export restrictions on 54 categories of products to Israel in April before completely halting exports and imports in early May.

At the time, Türkiye said it would not resume trade with Israel, worth $7 billion a year, until a permanent ceasefire and humanitarian aid were secured in Gaza, becoming the first of Israel's key commercial partners to take such a step.

Israel launched a devastating war against Hamas in Gaza a year ago after the Palestinian Islamist group's deadly cross-border attack.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.