While the Turkish government has not officially announced the decision yet, Israeli officials have already responded to the potential consequences. According to Bloomberg News, the trade between the two nations in 2023 amounted to $6.8 billion, with the majority of it being Turkish exports.

Israeli Foreign Minister Israel Katz expressed his dissatisfaction with Turkey's actions, accusing President Recep Tayyip Erdogan of breaching agreements by blocking ports for Israeli imports and exports. Katz criticized Erdogan, calling his behavior that of a dictator and emphasizing the disregard for international trade agreements and the interests of both the Turkish people and business community.

The conditions necessary for trade to resume between the two nations have not been announced by Turkey. In response, Katz has directed the Director General of the Israeli Foreign Ministry to engage with relevant parties in the government to explore alternative trade options, focusing on local production and imports from other countries. Katz expressed confidence that Israel will emerge with a robust and resilient economy despite this setback.

This recent move by Turkey builds upon previous trade restrictions imposed against Israel last month. The strained relations between the two nations come against the backdrop of the ongoing hostilities between Israel and Hamas. The conflict escalated on October 7 when Hamas fighters infiltrated southern Israel from Gaza, resulting in the deaths of over 1,200 people and the capture of more than 200 hostages.

However, the economic front is not the only arena where Turkey has been taking action against Israel. Erdogan's government has also aligned with South Africa in a United Nations court case, accusing Israel of committing genocide in Gaza.

It is important to note that the rising tensions between Israel and Turkey coincide with Israel's increasing concerns over potential conflicts with neighboring countries, particularly Iran, as well as its terrorist proxies in Lebanon and Yemen. Amidst these mounting threats, Israel will have to navigate the challenges of severed trade ties with Turkey while seeking to secure its national security interests.