Industrial Sales Plummeted in the Second Quarter Due to Corona

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Industry turnover in the second quarter was nearly 17 percent lower than a year earlier, reports the Central Bureau of Statistics (CBS).

 

In mid-March, measures were taken by the government to combat the coronavirus.

Partly because of this, industrial producers generated less turnover than a year earlier, especially in April and May of the second quarter.

Selling prices were more than 7 percent lower. The transport equipment industry (minus 38.6 percent), refineries and chemicals (minus 30.1 percent) and the textile, clothing and leather industry (minus 27.4 percent) were most affected.

In the transport equipment industry, several companies closed completely in mid-March.

Manufacturers of cars and trailers made more than half of their turnover in the second quarter. Of all producers in the manufacturing industry, these producers showed the most substantial decrease in turnover in April and May.

In refineries and chemicals, petroleum producers saw the most considerable loss, with prices of petroleum products plummeting.

Manufacturers of chemical products and producers of rubber and plastic products also recorded less turnover. In the textile, clothing and leather industry, producers of leather, leather goods and shoes were among the biggest drop-downers.

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