Turkish Consulate General in Jerusalem

Info Notes

TURKEY-PALESTINE BILATERAL ECONOMIC AND TRADE RELATIONS, 30.05.2016

TURKEY-PALESTINE BILATERAL ECONOMIC AND TRADE RELATIONS

Turkey attaches importance to the development of bilateral trade and economic relations with Palestine. In order to develop and enhance bilateral economic cooperation between both countries’ business circles, Turkish - Palestinian Business Council was established in 1994. 

Commercial and economic relations between Turkey and the State of Palestine have steadily gained ground especially after the Free Trade Agreement signed in 2004.

Turkey-Palestine Economic Cooperation Council which was established in 2013 is another important step for strengthening the economic and trade relations between two countries.

Turkey is currently undertaking the establishment of an Industrial Zone in Jenin on 920 donums of land. The Union of Chambers and Commodity Exchanges of Turkey (TOBB) transferred  US$ 10 million to the State of Palestine for the expropriation payments of the land. The master plan of the industrial zone project was submitted to the relevant Palestinian institutions and the on-side construction is expected to start in the near future. Once completed, the project will provide employment opportunities for thousands of Palestinians, contributing significantly to the Palestinian economy.

I. Economic Indicators 

                                                                                                              2014                      2015

GDP (Market Prices-US$ billion)                                                          12,71                     12,67

Real GDP Growth Rate (%)                                                                   -0,2                         3,5

Population (million)                                                                                 4,55                       4,68

Nominal GDP per capita ($)                                                                  2.960                     2.865

Consumer price inflation (%)                                                                    1,7                         1,4

Unemployment rate (%)                                                                          26,9                       25,9

Export (fob-US$ million)                                                                       1,255                      1,342

Import (fob-US$ million)                                                                       6,651                       6,921

Source: Palestinian Central Bureau of Statistics, Palestine Monetary Authority, Economist Intelligence Unit

II. Foreign Trade of the State of Palestine (2014)

Main trade partners: Israel, Turkey, China, Jordan, Germany, Saudi Arabia, USA

Main exports: Stone, cement, plastics, absestor, vegetable fats and oil, cleavage produts, iron and steel, Edible fruit, nuts, peel of citrus fruit, melons

Main imports: Vehicles, machinery, Electrical&electronic eqpt., Meat and edible meat offal, cereal, flour, starch, milk products, Pharmaceutical products

Source: Trade Map

III. Turkey’s Trade with Palestine (US$ thousand)

Year                                  Export              Import

2013                                  289.170             3.005

2014                                  325.915             2.988

2015

Source: Trade Map (according to Palestinian records)

IV. Turkey’s Trade with Palestine-Products (2014)

Main exports: Iron and steel, milling produscts, malt, inulin, wheat gluten, cereal, flour, starch, milk preparations and products, articles of apparel, soaps, lubricants, waxes

Main imports: Edible fruit, nuts, peel of citrus fruit, melons, raw hides and skins

Source: Trade Maps