Turkey’s white goods sales down on the back of domestic demand
The data released by the White Goods Manufacturers Association shows that domestic white goods sales including four main items (refrigerators, dishwashers, ovens and washing machines) amounted to 408'677 units in November, down by 8.3% compared to the previous month. However, domestic demand in November 2004 is still 55% higher than the same period of last year. Due to the improvement in consumer confidence and decline in interest rates, domestic sales rose by 69.4% from a year earlier in the first eleven months of the year to 4.68 million units. Despite the substantial recovery in domestic demand, imports rose moderately by 23% year-on-year. In November, white goods exports declined by 9.8% on a monthly basis to 609'533 units after a 1% monthly increase in October 2004. On the other hand, November 2004 exports showed a rise of 15% compared to the same period of last year, reflecting the consistent export tendency of domestic producers after the crisis. Year-to-date exports also showed an increase of 22.1% and reached 6.66 million units. Total production surged by 36.4% in the first eleven months of the year on the back of the new capacity coming from new investments in the sector. The year-on-year growth in domestic demand is expected to reach 60% at the end of 2004.