Economy, Domestic Economy

Home Appliances Sector in Trouble

Home Appliances Sector in TroubleHome Appliances Sector in Trouble

About 100 companies in the sector have gone out of business amid low demand for domestic products, the head of Home Appliances Manufacturers Union said. “Also more than 500 major firms active in the production of electronic home appliances are operating at 20-60% of their capacity,” Mohammad Reza Dayani was also quoted as saying by Bourse Press. Dayani noted that foreign products hold 65% of Iran’s home appliance market share, while only two South Korean companies hold a 55% share–an apparent reference to Samsung and LG Electronics. “Home appliances account for 13% of all the goods smuggled into the country,” he said.