"We will evaluate our relations, especially economic and trade relations [with Israel] again. We will take steps in this direction after the elections [on June 24],” Erdogan told journalists on the presidential plane while returning from a visit to Bosnia and Herzegovina.
According to Haaretz, Turkey will be the first hit by the sanctions, as its economy is having a tough time and the punitive measures could expand Turkey's trade deficit by nearly $2 billion.
Turkey-Israel Trade Relations
The countries are rather close trade partners, as 2.1 percent of Turkey’s exports go to Israel. Specifically, in 2016 this number stood at $2.96 billion (from a total export of $142.5 billion).
In the opposite direction, the country's imports from Israel are way less: in 2017, the gap was $1.9 billion.
Thus, the introduction of economic measures against Israel might lead to the expansion of Turkey's trade deficit by $1.9 billion.
Diplomatic Relations, Gaza Issue
Israel, in turn, has blamed the erupted violence on Hamas, saying that the militants' provocations and actions along the border led to the aggravation of the security situation.
Reacting to the Gaza events, Ankara announced a three-day mourning for those Palestinians killed during the protests.