PAGEV: More stimulus needed for Turkey’s domestic toy sector
According to PAGEV, in the past five years, Turkey’s toy production has reached $1.9 billion, 25% of which, namely $493 million, was exported. In the same period, Turkey’s imports were reported at $3.154 billion. China accounted for 92% of these imports.
Plastics accounted for around 58% and 29% of the value of imported and exported toys, respectively, in the last five years. Plastic toy production reached $564 million in the past five years. Plastic toys imports were reported $1.831 billion while exports reached $141 million in the same period, according to PAGEV.
The increase in imports led major market players in the plastics sector including PAGEV to take some steps to boost production in the domestic toy market. According to head of PAGEV, Yavuz Eroğlu, Turkey should increase supervision and safeguard measures on imported goods in order to avoid the dominance of imports in the domestic market and the VAT applied on domestic materials should be lowered to 8%. He also added that producers may be provided some training on creative design in order to improve the efficiency of domestic toy products. The government should also strictly control domestic materials for children’s health and safety. He said that they are currently performing some studies for the establishment of a “Specialized Industrial Estate” for Turkey’s toy industry. Eroğlu also suggested that Turkey may celebrate a “National Toy Day” like in China. In China, June 1 is celebrated as the national toy festival and the market posts the highest sales figures on that day.
Market representatives, meanwhile, also pointed out that the government should increase stimulus funds for the expansion, revamping and modernization works in the domestic market in order to improve the competitiveness of local goods.
Previously, the domestic toy sector was included in Turkey’s Industry Strategy Document as a result of several studies collaboratively conducted by Turkey’s Ministry of Industry and Technology and PAGEV.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Turkey’s PE market stuck between weak fundamentals and up pressure from China
- Firming PP trend falters in China’s local market
- European players question if bottom is near for PE
- Asian ABS players turn cautious after recent rally
- July PVC dealt lower in Europe, what lies ahead for August?
- China’s Jan-May total polymer imports hit a record of nearly two decades
- India’s local PVC market soars to 6-month high after customs hike
- China’s export PET market faces correction after rising 10% from two-year-low
- Spot propylene moves in opposite directions in Asia and Europe
- European PS hits year-to-date low on July drops