Vietnamese furniture has many opportunities to expand into the Chinese market

DNHN - The proportion of wooden furniture imported from Vietnam to China increased in the first two months of 2024, with office furniture accounting for the highest proportion.

According to statistics from Chinese Customs, in February 2024, China recorded an import of wooden furniture worth 37.6 million USD, a slight decrease of 16.4% compared to the same period last year. In the first two months of 2024, the import value of wooden furniture in China reached 97 million USD, a decrease of 12.8% compared to the same period in 2023.

In the market, China has reduced its import of wooden furniture from the two largest markets, Italy and Germany, but has increased its imports from markets in Southeast Asia. In particular, imports from Vietnam reached 7.4 million USD, an increase of 18.6% compared to the same period in 2023; followed by Thailand with 3.1 million USD, an increase of 24.5%; Indonesia with 1.5 million USD, an increase of 5%…

According to the Import and Export Department (Ministry of Industry and Trade) and the Industrial and Commercial Information Centre, the export of wooden furniture from Vietnam has many opportunities in the Chinese market, especially in the context of increasing sea freight rates. This is because many Chinese businesses are shifting to sourcing imports from neighbouring regions to reduce shipping costs.

In the first two months of 2024, China significantly reduced its imports of most wooden furniture items. Wooden framed chairs were the leading item with 34.8 million USD, a decrease of 4.7% compared to the same period last year; followed by living room and dining room furniture at 29.7 million USD, a decrease of 7.4%; kitchen furniture at 20.3 million USD, a decrease of 15.4%…

Notably, the proportion of wooden furniture imported from Vietnam increased in the first two months of 2024. In particular, the proportion of imported office furniture was the highest, accounting for 18.7% of the total import value, an increase of 16.8 percentage points compared to the same period in 2023.

PV