Turkey’s white goods sales up due to domestic demand
The data released by the White Goods Manufacturers Association shows that domestic white goods sales including four items (refrigerators, dishwashers, ovens and washing machines) amounted to 510'285 units in September, up by 3.6% compared to previous month, indicating the positive outlook in the economy. Domestic demand was also up by 14% in the third quarter compared to second quarter. In the first nine months of the year, domestic sales reached 3.82 million units with a rise of 73.8% compared to the same period of last year due to the improvement in consumer confidence and declining interest rates. White goods exports rose by 14% on a monthly basis in September to 666'771 units after an 11% monthly decline in August 2004. The increase in exports reflects the consistent export tendency of domestic producers after the crisis. Year-to-date exports also showed an increase of 26.2% and reached 5.4 million units. Total production surged by 41.2% year-on-year in the first nine months on the back of new capacity coming from new investments in the sector. The positive outlook in the domestic demand is expected to continue in the last quarter of 2004, driven by further decline in interest rates for consumer financing.