Panasonic eyes double-digit overseas sales growth

Japan's Panasonic Corp said it will target double-digit overseas sales growth in each of the next three business years, giving a glimpse of the business plan it is due to issue early next year.

Driving overseas sales is important for Panasonic as it counts on the domestic market, where the population is shrinking and greying, for more than half of its overall revenues.

Panasonic, which is set to unveil a new business strategy in January, is aiming for annual sales growth of 15-20% in emerging markets of Brazil, Russia, India and China - the so-called BRIC nations - plus Vietnam over the three years, Panasonic Senior Managing Director Hitoshi Otsuki told Reuters in an interview.

Panasonic will also target Mexico, Indonesia, Nigeria, Turkey and the Balkan states including Serbia and Macedonia as high-priority markets, he said.

The company will aim for 30% annual sales growth in those nations for the three financial years from next April by offering electronic products designed and priced in a bid to spur demand among middle-class consumers there, Otsuki said on Thursday.