It was learned from the General Administration of Customs that from January to May this year, China’s total import and export value of goods trade reached 17.5 trillion yuan, a year-on-year increase of 6.3%, of which the import and export value in May was 3.71 trillion yuan, a year-on-year increase of 8.6%, a growth rate of 4 A monthly increase of 0.6 percentage points. Looking at import and export separately, in the first five months, my country's exports were 9.95 trillion yuan, a year-on-year increase of 6.1%, and imports were 7.55 trillion yuan, an increase of 6.4%.
Furniture exports have achieved positive growth this year compared with last year, which has undoubtedly injected strong confidence and vitality into the entire furniture industry. To analyze the reasons behind the industry phenomenon, there are mainly two aspects:
On the one hand, the gradual recovery of the global economy has caused consumers in various countries to continue to increase their demand for furniture. Especially in some emerging markets and developing countries, with the improvement of people's living standards, the requirements for the quality of home life are also getting higher and higher, which provides a broad development space for the furniture export market.
On the other hand, the domestic furniture industry has continued to innovate and upgrade in recent years, and product quality and design levels have been significantly improved. This not only meets the needs of the international market, but also wins the favor of more and more overseas consumers. At the same time, domestic furniture companies are also actively exploring diversified markets and continuously increasing brand awareness and market influence by participating in international exhibitions and conducting cross-border e-commerce.
The growth of the furniture export market is mainly reflected in the following three aspects:
First, the export volume of wooden furniture continues to grow. Wooden furniture is deeply loved by overseas consumers for its natural, environmentally friendly and durable characteristics. Domestic enterprises continue to innovate in the selection, processing and design of furniture boards for solid wood furniture, which improves the added value and competitiveness of products.
Second, the export market of smart furniture has emerged. With the continuous development of science and technology, smart furniture has become the new favorite of the furniture industry. Domestic enterprises have achieved remarkable results in the research and development and production of smart furniture, which not only meets the personalized needs of overseas markets, but also promotes the intelligent upgrading of the entire industry.
Third, the demand for customized furniture exports continues to grow. With the improvement of consumers' requirements for the quality of home life, customized furniture has gradually become a new favorite in the market. Domestic enterprises actively launch customized furniture services to meet the personalized needs of overseas consumers and further expand their market share.
Looking ahead to the second half of 2024, can the recovery trend of my country's furniture exports continue?
According to the forecast data of iMedia, the scale of the global furniture market will maintain steady growth in the next few years and is expected to reach US$554.66 billion in 2025.
◆ The recovery of the US real estate market has driven the performance of furniture exports
As the largest market for my country's furniture exports, the United States has experienced a short-term pulse-like increase in real estate sales since the Federal Reserve announced an interest rate cut in March 2020. Affected by policy stimulus and changes in home demand due to masks, the sales volume has risen in a short term, and then entered a downward period. After 2 to 3 years of adjustment, the current US real estate industry has bottomed out and is about to start to recover.
◆ Steady digestion of furniture inventories in Europe and the United States, and improvement in demand
In addition to benefiting from the boost in real estate, the level of furniture destocking in Europe and the United States has also increased significantly. In the second half of 2022, Europe and the United States gradually entered the stage of active destocking, which has lasted for more than a year, and both wholesale and retail inventories have declined significantly. With the steady progress of furniture sales, my country's furniture export demand is expected to be further boosted after entering the inventory replenishment cycle.
2024 may be the year of a big explosion in the furniture export industry. Most experts are optimistic about the export growth rate in the second half of the year. In addition, multiple favorable factors for my country's exports may boost the performance of my country's furniture exports, and continue to stabilize and recover, including a low base year-on-year, recovery in external demand, price recovery, and national policies to stabilize foreign trade.