Improvement in Home and Kitchen Goods Exports Hits the Brakes in November

Foreks - In the home and kitchenware sector, exports in November amounted to $261 million, representing a 7.3% decrease compared to the same month last year. When looking at the first 11 months of the year, the sector's exports showed a decline of 1.2% compared to the same period last year.

Evaluating the figures, Talha Özger, Chairman of the Home and Kitchenware Industrialists and Exporters Association (EVSİD), stated that while the export data for October indicated an upward trend, the November figures were below expectations. Özger pointed out that the increase in input costs in Turkish lira puts pressure on costs in foreign currency, stating, "In such a period, the inability to raise prices due to the contraction in external markets, and consequently the decrease in exporters' profitability, stands out as one of the biggest risks for the upcoming period."

EVSİD announced the export figures for November 2024 and the January-November period. According to the data released by the association, the exports of the home and kitchenware sector in November showed a decline of 7.3% compared to November 2023 and approximately 11% compared to October 2024, amounting to $261 million.

Looking at the first 11 months of the year, which covers the January-November period, the sector's exports recorded a decrease of 1.2% compared to the same period last year, amounting to $2.9 billion.

When analyzing by sub-product groups, it was observed that the exports of electrical products led the way, showing a 4.1% increase in the first 11 months, boosting sector exports. In the electrical product group, exports reached $1.042 billion over the 11-month period. Additionally, the increase in the average kilogram price in this category, which rose from $4.56 to $4.68 (a 2.17% increase), also contributed to the growth.

Despite the increase in electrical product exports, declines were observed in the annual exports of other sub-product groups. There were declines of 2.9% in the metal product group, 1.8% in the plastic group, 6.4% in the glass product group, 11.2% in the ceramic group, and 10.8% in the wooden kitchenware group.

EVSİD: EXPORTS FALL SHORT OF EXPECTATIONS

While evaluating the figures, Talha Özger noted that the upward trend that began in August and continued for three months, including October, has reversed, and the November data came in below expectations. Indicating that Turkish lira input costs are putting pressure on costs in foreign currency, Özger stated, "In such a period, the inability to increase prices due to the contraction in external markets, and therefore the decrease in exporters' profitability, represents one of the biggest risks for the future."

Özger mentioned that when comparing the export unit prices for the first 11-month periods, the unit export value has increased slightly, with the kilogram export price rising from $3.81 in the January-November 2023 period to $3.83 in 2024.