The Israeli central bank has stated that Turkey's trade ban has had minimal impact on Israel's economy and prices, thanks to the flexibility of the country's open economy. Prior to the war in Gaza, Turkish exports to Israel accounted for 6.3% of Israel's total imports, while Israeli exports to Turkey were 2.5% of Israel's total exports. The bank noted that Israel found substitutes for Turkish products and that alternate sources of cement came without higher prices, highlighting the limited impact of the embargo. The central bank emphasized the importance of economic openness and diversification of import sources.