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9.1.8 Other sector news
White goods sales increased by 58% on an annual basis in July thanks to cheap loans provided by local banks, the wedding season and strong home sales, trading group TURKBESD said.
The Turkish white goods industry’s total sales (domestic sales and exports combined) rose by 28% y/y to around 3mn units in the month.
The white goods market contracted 11.4% y/y in April and 8.5% y/y in May, but sales bounced back in June, rising 14.5% on an annual basis.
Local white goods manufacturers’ exports shrank nearly 49% y/y in April and declined 37% in the following month. The pace of decline in shipments to foreign markets eased to 0.3% y/y in June.
Turkey’s packaging industry shipped $2.4bn worth of goods to foreign markets in the first half of 2020, the trading group ASD said. The domestic packaging industry generated some $5bn from exports last year.
9.2 Major corporate news 9.2.1 Oil & gas corporate news
Tupras’ loss in Q2 was mainly the result of the sharp drop in Brent crude oil prices and capacity reductions amid lower demand brought on by the coronavirus (COVID-19) pandemic, according to Seker Invest.
Revenues fell 61% y/y to TRY9.3bn.
Tupras’ production declined 29% y/y to 4.91mn tonnes, suggesting a 70% capacity utilisation rate (CUR), while sales fell 26% y/y to 5.3mn tonnes. In H1, production and sales fell 20% to 10.9mn tonnes and 11.5mn tonnes, respectively.
From May 5 to July 1, the company had to halt production at its 220,000 barrel per day (bpd) Izmir oil refinery.
55 TURKEY Country Report September 2020 www.intellinews.com
