Decline in June 2023: United States Imports $67M Worth of Office Furniture
U.S. Office Furniture Imports
In June 2023, supplies from abroad of office furniture (except wood) decreased by -6.7% to 5.1K tons, falling for the second consecutive month after two months of growth. Over the period under review, imports saw a perceptible shrinkage. The pace of growth appeared the most rapid in April 2023 when imports increased by 18% against the previous month.
In value terms, office furniture imports declined to $67M (IndexBox estimates) in June 2023. Overall, imports saw a pronounced slump. The most prominent rate of growth was recorded in May 2023 when imports increased by 9.1% against the previous month.
Imports by Country
In June 2023, Canada (2.7K tons) constituted the largest supplier of office furniture to the United States, accounting for a 53% share of total imports. Moreover, office furniture imports from Canada exceeded the figures recorded by the second-largest supplier, China (868 tons), threefold. The third position in this ranking was taken by Mexico (472 tons), with a 9.2% share.
From June 2022 to June 2023, the average monthly growth rate of volume from Canada stood at -3.9%. The remaining supplying countries recorded the following average monthly rates of imports growth: China (-2.6% per month) and Mexico (+0.7% per month).
In value terms, Canada ($34M) constituted the largest supplier of office furniture to the United States, comprising 51% of total imports. The second position in the ranking was taken by China ($9.7M), with a 14% share of total imports. It was followed by Mexico, with a 10% share.
From June 2022 to June 2023, the average monthly rate of growth in terms of value from Canada stood at -2.3%. The remaining supplying countries recorded the following average monthly rates of imports growth: China (-2.4% per month) and Mexico (-0.3% per month).
Import Prices by Country
In June 2023, the office furniture price stood at $13,047 per ton (CIF, US), growing by 2.8% against the previous month. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in August 2022 an increase of 17% against the previous month. Over the period under review, average import prices reached the peak figure at $13,369 per ton in March 2023; however, from April 2023 to June 2023, import prices stood at a somewhat lower figure.
Average prices varied somewhat amongst the major supplying countries. In June 2023, the countries with the highest prices were Mexico ($14,662 per ton) and Canada ($12,595 per ton), while the price for Italy ($10,952 per ton) and the UK ($11,086 per ton) were amongst the lowest.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by the UK (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.
Leave a Reply