TEHRAN (Iran News) –The financial fallout from Turkey’s trade ban is poised to impact Israeli consumers imminently, with basic raw materials drying up and prices of essential goods and food surging, alongside a spike in housing costs, as per a report by Israeli news outlet Calcalist.

The report underscores Israel’s surprise at Turkey’s abrupt severance of trade ties, which it previously perceived as empty threats amidst the Zionist regime’s war on Gaza.

Turkish President Recep Tayyip Erdogan, who previously condemned Israel’s blocking of aid intended for Gaza, has announced a comprehensive trade ban until Israel accedes to a ceasefire.

Finding alternative import sources entails time and complex agreements, and even upon securing them, prices are expected to be substantially higher than those offered by Turkish suppliers.

This price disparity will further burden Israeli consumers, who are already grappling with a mounting cost of living.

The report singles out the construction and automotive industries as particularly vulnerable sectors, with major automakers currently exporting popular vehicles from Turkey to Israeli-occupied territories.

Turkey will not resume trade with Israel, worth $7 billion a year, until a permanent ceasefire and humanitarian aid are secured in Gaza, it said on Friday, the first of Israel’s key partners to halt trade over the war.

Israel’s “uncompromising attitude” and the worsening situation in Gaza’s southern Rafah region — where Israel has threatened to launch a new offensive — prompted Turkey to halt all exports and imports, the country’s trade minister, Omer Bolat, said.

Last month, Turkey curbed exports of steel, fertilizer and jet fuel among 54 product categories over what it said was Israel’s refusal to allow Ankara to take part in aid air-drop operations for Gaza.

Turkey could not remain idle in the face of “Israeli bombardment of defenseless Palestinians,” Erdogan said after Friday prayers.

Turkey has denounced Israel’s military campaign in Gaza, sent thousands of tons of aid for Gazans and, this week, said it would join South Africa’s genocide case against Israel at the International Court of Justice (ICJ).

More than 34,600 people, mostly women and children, have been killed in Gaza during Israel’s nearly seven-month-old genocidal military offensive, Palestinian health officials say.