Greece poised to replace Turkey as Israel’s closest trade ally
Israeli delegation returns from Athens with plans to triple trade volume, marking Greece as a key economic ally amid fallout from Turkey-Israel tensions
Greece is on track to become Israel’s primary trade partner, replacing Turkey within months, as Israel seeks to mitigate the economic fallout from a Turkish boycott on economic ties with the country. Israel’s reciprocal boycott of Turkey has exacerbated disruptions across construction, industry, and commerce.
According to initial estimates, following a discreet visit of an economic delegation to Greece last week, trade between the two nations is expected to triple, surging from $1.3 billion to approximately $4 billion annually. This development would position Greece as one of Israel’s largest import-export partners. In comparison, trade with Turkey has been valued at $6 billion annually in recent years.
The Israeli delegation, which marked the first high-level economic mission since the outbreak of the war, returned from Athens on Thursday. Delegation members described their reception as “warm and enthusiastic,” with Greek economic leaders eager to strengthen ties with Israel. While Greece has been cautious not to frame this expanded partnership as simply filling Turkey’s void, officials expressed a strong interest in bolstering economic relations, particularly with Israel’s thriving tech sector.
The visit was initiated by Israel’s Foreign Ministry's Economic Division and led by Dr. Ron Tomer, president of the Manufacturers Association of Israel and head of the Business Sector.
During the visit, Israeli officials met with senior membors of the Greek government and held discussions with prominent Greek trade and investment organizations such as the Athens Chamber of Commerce and Enterprise Greece, a government agency promoting trade and investment.
Dr. Ron Tomer said the historical bond between the two nations. “Greece has been a steadfast friend of Israel since its establishment. Even amid the current conflict, Greece has consistently supported us. While many Israelis associate Greece with tourism, the country has much more to offer. Given its geographic proximity, Greece is a natural trade partner, and there’s significant potential to expand cooperation across all industries, particularly in Israeli exports to Greece, which remain relatively modest.”
Yael Ravia-Zadok, the ministry’s deputy director general for economics, highlighted the strategic importance of economic ties, citing energy projects such as the undersea cable connecting the two countries’ electricity grids. “The economic and trade partnership between Israel and Greece is a cornerstone of our strategic alliance, contributing to regional stability and economic development through collaborations in energy, tourism, and technology,” she said.
Trade between Israel and Greece had already risen by 41.3% from 2023 to 2024, growing from $920 million to $1.3 billion. In 2024, Israeli exports to Greece totaled $353.4 million, with chemicals (41%), basic metals (25%), plastic products (10%), and electrical machinery (8%) leading the way. Greek imports to Israel reached $902.8 million, dominated by basic metals (42.2%), electrical machinery (15.7%), chemicals (6.8%), and products in plastics, textiles, and wood.
With trade expansion accelerating, Greece is poised to play a pivotal role in Israel’s economic landscape, fostering deeper ties and mutual growth.
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