Turkey’s home appliance sales lose momentum
Turkey's home appliance sales fell 5.2 percent year on year in July as ovens and refrigerators showed a decline.
Turkey's Home Appliance Manufacturers Association data show that the country's domestic home appliance sales contracted to 501'454 units in July. Domestic sales also fell 9.9 percent month on month.
Ovens and refrigerators, which posted the highest month-on-month growth rates in June, became the main drivers of the contraction this time, posting 21 percent and 10 percent decline, respectively.
Despite the July's figures, overall sales in the first seven months rose 3 percent year on year to 2.9 million units.
Home appliance exports rose 13.5 percent month on month to 777'597 units in July, bringing their shares in the overall figure from 11 percent to 13 percent. July's export figures were also 18 percent higher than those of July 2004.
Total
production dropped 1 percent year on year in line with the modest growth in domestic demand. However, July
production figure was 19 percent up from June 2005 data.
Home appliances sector shows a relatively moderate year of growth after a boost in 2004. Economists expect domestic sales to grow around 10 percent in 2005.