12% price cut, Chinas wood furniture exports increased by 24%
date: 2024-10-20
China is exporting large quantities of (discounted) wood furniture to the global market, exporting a near record number of goods.
According to Wood Central, China is exporting a large amount of (discounted) wood furniture to the global market, exporting a near record number of goods.
The report shows that in the first seven months of 2024, Chinas wood furniture exports increased by 24% year-on-year to 256 million pieces. According to Lesprom Analytics, despite a decline in average prices, a sharp increase in export volumes pushed exports up 9 percent to $13.4 billion.
In the first seven months of 2024, Chinas furniture exports are expected to reach an annual rate of 439 million pieces, close to the all-time high of 452 million pieces set in 2021. At the same time, the average price per piece of furniture fell 12 percent to $52, suggesting that Chinese exporters are trying to stimulate demand by lowering prices.
Last month, Wood Central reported that China now accounts for more than 40 percent of global furniture production, producing 452 million pieces of furniture in 2021 alone using large volumes of wood, plywood and non-structural boards, including medium-density fiberboard, oriented particleboard and particleboard.
In this report, Wood Central revealed that China is flooding the global market with low-priced goods, and the United States remains the preferred destination for China. Data show that the United States is the largest export market for Chinese wooden furniture, accounting for 30% of total exports. "Despite a 13 per cent decline in the average price of a single piece of furniture, the volume of furniture shipped to the US increased by 20 per cent to 77m pieces and total exports increased by 5 per cent to $3.9bn."
In addition to the United States, China is also targeting the European Union for massive growth. The Netherlands (up 74% to 12 million), France (up 31% to 14 million) and Germany (up 35% to 13 million) were the fastest growing markets in China. In addition, Chinas largest markets include the United Kingdom (up 23 percent to 17 million), Japan (up 8 percent to 16 million), Canada and Australia (up 29 percent and 22 percent to 7 million and 12 million, respectively) - which remain Chinas largest markets on a per capita basis.
According to China Customs data: seat furniture accounted for the highest export volume, accounting for more than 26% of the total trade volume, exports reached 5.1 billion US dollars; This was followed by bedroom furniture, which accounted for 10 percent of exports, totaling 26 million pieces worth $2.2 billion. In addition, office furniture accounted for 6% of total exports, of which 16 million pieces, valued at $904 million, were sold to international markets; Kitchen furniture accounted for 4 percent, with 9 million pieces worth $481 million; Other wood furniture accounted for 54% of total exports, totaling 138 million pieces valued at $4.7 billion.
Commenting on the price cuts, Wood Central said Chinas push for exports was part of a broader strategy to revive the economy, which has long been under pressure from a property crisis and weak domestic demand. By flooding global markets with low-cost goods, China hopes to boost its manufacturing sector in an echo of the massive export boom that reshaped global trade in the early 2000s. This strategy helps cement Chinas position as a key low-cost supplier, especially in areas such as green technology, which offers affordable solutions to global decarbonization efforts.
However, there are risks to over-reliance on external demand. As international trade tensions rise, with the European Union imposing tariffs on Chinese electric vehicles and the United States imposing tariffs on Chinese products, China faces growing resistance from its major trading partners. Economists believe China could benefit from shifting its focus to stimulating domestic consumption, which would create a more balanced and resilient economy.
According to Wood Central, China is exporting a large amount of (discounted) wood furniture to the global market, exporting a near record number of goods.
The report shows that in the first seven months of 2024, Chinas wood furniture exports increased by 24% year-on-year to 256 million pieces. According to Lesprom Analytics, despite a decline in average prices, a sharp increase in export volumes pushed exports up 9 percent to $13.4 billion.
In the first seven months of 2024, Chinas furniture exports are expected to reach an annual rate of 439 million pieces, close to the all-time high of 452 million pieces set in 2021. At the same time, the average price per piece of furniture fell 12 percent to $52, suggesting that Chinese exporters are trying to stimulate demand by lowering prices.
Last month, Wood Central reported that China now accounts for more than 40 percent of global furniture production, producing 452 million pieces of furniture in 2021 alone using large volumes of wood, plywood and non-structural boards, including medium-density fiberboard, oriented particleboard and particleboard.
In this report, Wood Central revealed that China is flooding the global market with low-priced goods, and the United States remains the preferred destination for China. Data show that the United States is the largest export market for Chinese wooden furniture, accounting for 30% of total exports. "Despite a 13 per cent decline in the average price of a single piece of furniture, the volume of furniture shipped to the US increased by 20 per cent to 77m pieces and total exports increased by 5 per cent to $3.9bn."
In addition to the United States, China is also targeting the European Union for massive growth. The Netherlands (up 74% to 12 million), France (up 31% to 14 million) and Germany (up 35% to 13 million) were the fastest growing markets in China. In addition, Chinas largest markets include the United Kingdom (up 23 percent to 17 million), Japan (up 8 percent to 16 million), Canada and Australia (up 29 percent and 22 percent to 7 million and 12 million, respectively) - which remain Chinas largest markets on a per capita basis.
According to China Customs data: seat furniture accounted for the highest export volume, accounting for more than 26% of the total trade volume, exports reached 5.1 billion US dollars; This was followed by bedroom furniture, which accounted for 10 percent of exports, totaling 26 million pieces worth $2.2 billion. In addition, office furniture accounted for 6% of total exports, of which 16 million pieces, valued at $904 million, were sold to international markets; Kitchen furniture accounted for 4 percent, with 9 million pieces worth $481 million; Other wood furniture accounted for 54% of total exports, totaling 138 million pieces valued at $4.7 billion.
Commenting on the price cuts, Wood Central said Chinas push for exports was part of a broader strategy to revive the economy, which has long been under pressure from a property crisis and weak domestic demand. By flooding global markets with low-cost goods, China hopes to boost its manufacturing sector in an echo of the massive export boom that reshaped global trade in the early 2000s. This strategy helps cement Chinas position as a key low-cost supplier, especially in areas such as green technology, which offers affordable solutions to global decarbonization efforts.
However, there are risks to over-reliance on external demand. As international trade tensions rise, with the European Union imposing tariffs on Chinese electric vehicles and the United States imposing tariffs on Chinese products, China faces growing resistance from its major trading partners. Economists believe China could benefit from shifting its focus to stimulating domestic consumption, which would create a more balanced and resilient economy.