According to the Israeli Credit Insurance Company Ltd. (ICIC), Israeli exports to Turkey in the months of June and July amounted to some $100 million per month, similar to the scope of exports in the months prior to the flotilla.
The annual scope of export to Turkey stands at some $1.2 billion.
ICIC CEO David Milgrom said on Wednesday that the company's initial forecast predicted a decline in new deals, which raised concern that Turkish companies may take advantage of the situation and get out of paying Israeli companies. This forecast, however, did not materialize.
According to the company's data, 26 new export deals were carried out with Turkey in the month of June, and 33 deals took place in July, similar to the situation before the flotilla.
Most of the deals were for the export of goods such as chemicals, plastic, metals, machines and cardboard.
"Turkey is considered one of the main and most important countries for Israeli exporters," Milgrom said, "Despite the images of massive protests we saw in Turkey,Turkish businesspeople did not cut business ties with Israel."
Nonetheless, Milgrom is not ruling out the possibility that with time, the political atmosphere may influence Israeli export to the Muslim country.
In light of the fact that there was no decline in new deals with Turkey, and the fact that Turkish companies honored their payments, ICIC decided not to reduce the line of credit for export to Turkey, despite the increase in the political risks.
The company has also refrained from increasing the insurance premiums for deals with Turkey.
It should be noted that failure to meet a payment following a diplomatic incident is covered in the insurance provided by credit insurance companies.
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