China’s wood furniture export volume surged by 24% year-on-year in the first seven months of 2024, reaching 256 million pieces. This sharp increase in volume drove a 9% rise in export value to $13.4 billion, despite a decline in average prices, according to Lesprom Analytics.
Chinese furniture exports in the first seven months of 2024 were on pace to reach an annual rate of 439 million pieces, approaching the historical peak of 452 million pieces set in 2021. Meanwhile, the average price per piece fell by 12% to $52, suggesting that Chinese exporters are attempting to stimulate demand by lowering prices.
The United States remained the largest destination for Chinese wood furniture, accounting for 30% of exports. Shipments to the U.S. rose by 20% to 77 million pieces, despite a 13% drop in the average price per piece. The total export value to the U.S. increased by 5% to $3.9 billion.
Germany saw significant growth, with a 35% increase in export volume to 13 million pieces and a 30% rise in value to $420 million. The Netherlands posted the highest volume growth, with exports increasing by 74% to 12 million pieces, leading to a 39% rise in value to $296 million. The United Kingdom saw exports grow by 23% to 17 million pieces, with the total value rising by 10% to $842 million, despite a 10% drop in the average price to $50 per piece.
Japan imported 16 million pieces, up 8%, though the total value fell by 5% to $731 million, as the average price declined by 12% to $46. France saw a 31% increase in volume to 14 million pieces, with a value increase of 17% to $388 million. Canada and Australia also experienced strong growth, with exports to Canada up 29% to 7 million pieces, valued at $473 million, and shipments to Australia rising by 23% to 12 million pieces, contributing $861 million.
Seating furniture accounted for 26% of total Chinese shipments, contributing $5.1 billion in export value. Bedroom furniture followed with 10% of the export volume, totaling 26 million pieces and $2.2 billion in value. Office furniture accounted for 6% of exports with 16 million pieces worth $904 million, while kitchen furniture made up 4%, with 9 million pieces valued at $481 million. Other wood furniture accounted for 54% of total exports, translating to 138 million pieces worth $4.7 billion.
China’s aggressive export push is part of a broader strategy to revitalize its economy, which has been under pressure from a prolonged property crisis and weakening domestic demand. By flooding global markets with low-cost goods, China aims to boost its manufacturing sector, echoing the massive export surge of the early 2000s that reshaped global trade. This strategy is helping to cement China’s role as a crucial low-cost supplier, particularly in sectors like green technology, where it offers affordable solutions for global decarbonization efforts.
However, relying heavily on foreign demand comes with risks. As international trade tensions rise, with the European Union imposing tariffs on Chinese electric vehicles and the U.S. raising levies on Chinese products, China faces increasing resistance from key trading partners. Economists suggest that China could benefit from shifting its focus toward stimulating domestic consumption, which would create a more balanced and resilient economy.