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 Eases as Dollar Firms; Focus on Fed Minutes

A view of smelted gold bars at a smelting facility in Accra, Ghana August 22, 2024. REUTERS/Francis Kokoroko
A view of smelted gold bars at a smelting facility in Accra, Ghana August 22, 2024. REUTERS/Francis Kokoroko
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Gold Eases as Dollar Firms; Focus on Fed Minutes

A view of smelted gold bars at a smelting facility in Accra, Ghana August 22, 2024. REUTERS/Francis Kokoroko
A view of smelted gold bars at a smelting facility in Accra, Ghana August 22, 2024. REUTERS/Francis Kokoroko

Gold prices edged lower on Tuesday, pressured by a stronger dollar, while investors awaited minutes of the Federal Reserve's latest policy meeting and more economic data for insights on the US interest rate outlook.
Spot gold fell 0.3% to $2,634.69 per ounce by 0728 GMT. US gold futures lost 0.5% to $2,653.90, Reuters reported.

The dollar index hovered near a seven-week high, making bullion more expensive for holders of other currencies.
Gold has lost some momentum due to the rising dollar and bond yields, but downside risks may be limited by global conflicts that favor safe-haven assets, said Tim Waterer, chief market analyst at KCM Trade.
Hezbollah fired rockets at Israel's third-largest city, Haifa, while Israel appeared ready to expand its offensive into Lebanon, marking one year since the Hamas attack that ignited the Gaza war.
Bullion is considered a safe investment during times of political uncertainty.
Investors are focused on the minutes of the Fed's latest policy meeting, due on Wednesday, followed by the US Consumer Price Index on Thursday and the Producer Price Index data on Friday. Several Fed officials are also lined up to speak throughout the week.
"Looking ahead, if we see any upside surprises in the US CPI numbers this week, this could further boost the dollar and pressure gold," Waterer said.
According to the CME FedWatch tool, markets are no longer pricing in a 50-basis-point reduction at the Fed's November meeting after last week's strong jobs report. They now see an 88% chance for a 25-bp cut.
Meanwhile, St. Louis Fed President Alberto Musalem expressed support for more rate cuts, emphasizing that the economy's performance will guide policy.
Spot silver lost 2.02% to $31.08 per ounce. Platinum was down 1% to $962.90 and palladium fell nearly 3% to $994.00.
Elsewhere, China said it was "fully confident" of meeting its economic targets, but refrained from introducing stronger fiscal steps to get the economy back on track.