World Economy

Global TV Sales at 7-Year Low

Global TV Sales at 7-Year Low Global TV Sales at 7-Year Low

Global TV shipments shrank to a seven-year low in the first half of the year, hit by the sluggish Latin American economy and weaker currencies of eastern European countries, industry data showed Friday, Yonhap reported. Global TV sales stood at 96.82 million units in the first half of 2016, down 1.1% from the same period a year earlier, according to the data by industry tracker IHS Technology. It marks the smallest sales since 88.4 million units were sold in 2009. IHS Technology attributed the drop to anemic demand stemming from a prolonged economic slump in many Latin American countries and weaker eastern European currencies. Shipments in Latin America plunged 17.2% on-year in the same period despite the Rio Olympics, with sales in China inching down 1.7%. The European market saw a 5.4% increase in sales and shipments in Japan rose 12.3%. Industry watchers predict the global TV market will likely face a severe headwind due to the global economic slowdown.