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Home / Latest News / Vietnam's wood furniture export turnover to the US reached US $ 6.26 billion in the first 11 months of 2020

Vietnam's wood furniture export turnover to the US reached US $ 6.26 billion in the first 11 months of 2020

 

Date: 2021-02-22

News Type: Marketing News

 

Market Report agriculture, forestry and fisheries in the latest issue of the Ministry of Industry and Trade said that according to data from the International Trade Commission US , import value of wooden furniture of the US in the month 11/2020 reach 2 , $ 04 billion, up 34.4% compared to November 2019. In May 11, 2020, imports of wooden furniture of US 16.8 billion.

Vietnam is the largest market for wooden furniture to the US in the first 11 months of 2020, reaching US $ 6.26 billion, up nearly 31% over the same period in 2019. The proportion of imports from Vietnam accounts for 37, 2% of the total import value, up 9 percentage points over the same period in 2019.

According to forecasts from the Mortgage Bankers Association (MBA) of America , by 2021 the family housing market in the US will reach about 1,134 million houses, in 2022 it will reach 1,165 million houses; by 2023, it will reach 1,210 million houses. 

"The US housing market has grown strongly, leading to an increase in demand for home furniture in 2021 and the coming years. This is a great opportunity for markets providing wooden furniture, including Vietnam. South, "said the Ministry of Industry and Trade.

Vietnam is the largest market for wooden furniture to the US - Photo 2.

Wooden furniture supply market for the US November and 11 May 2020. Source: US International Trade Commission / Ministry of Industry and Trade.

China is the second largest wooden furniture supplier to the US, but due to the trade tension between the US and China, the import value of this item from China reached 3.84 billion. USD, down 34.3% over the same period in 2019. The proportion of imports from China decreased by 11.7 percentage points over the same period in 2019.

Wood-framed chairs and furniture used in the living room and dining room are the main US imports in the first 11 months of 2020. 

The import value of these two items accounts for 66.2% of the total US furniture import value . However, the import value of both items decreased compared to the same period in 2019.

In the structure of imported wooden furniture, the US only increased imports of bedroom furniture and kitchen furniture in the first 11 months of 2020. 

In which, bedroom furniture imports reached $ 3.3 billion, up 0.4% over the same period in 2019. Vietnam is the largest market for bedroom furniture for the US with a value of 49. , 7% of total import value, followed by Malaysia , China, Indonesia markets . 

Imports of kitchen furniture the US reached $ 1.64 billion, up 2.8% compared to the same period in 2019. US increased imports kitchen furniture from Vietnam and Malaysia , reaching US $ 410.8 million and 350 million USD, up 450.8% and 696.6% respectively over the same period in 2019.

Meanwhile, imports from Canada and China reached $ 276.3 million and $ 108.5 million, down 11.5% and 87.3% respectively over the same period in 2019.

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