A year after experiencing a 4% rise in exports, the United States furniture market has not only lost that increase but also faced a 4% decline in 2023, dropping to $2.297 billion compared to $2.399 billion in 2022.
Most of the US's major trading partners, except for Saudi Arabia and China, saw decreases in furniture imports. Canada, the top customer for US furniture, experienced a 4% decrease, while Mexico and the United Kingdom also saw declines of 2% and around 6%.
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Canada accounted for the majority of the top 10 countries' imports, with $1.445.9 billion, making up about 63% of the total, while Mexico, the second-largest market, represented approximately 8% of US furniture exports.
There was significant volatility within specific categories of US furniture exports. For example, the Bahamas, which had increased its imports from the U.S. by 37% in 2022, saw a 14% decrease in 2023.
Looking at the decline in specific categories, notable changes include a 90% drop in mattress foundations, over a 35% decline in mattresses, and a 41% decrease in wood frame upholstered chairs. However, some losses were mitigated by higher exports of seats and metal furniture to the Bahamas.
Australia, the sixth-largest market for U.S. furniture, experienced a 24% decrease, with mattress exports down over 70% year over year, although most major categories also saw declines.
One exception was metal frame upholstered seats, which grew by 20% to nearly $4 million, becoming the third-largest category after metal and plastic furniture, respectively.
Source: furnituretoday.com