July 2023 Sees a Drop in U.S. Imports of Upholstered Furniture to $489M
U.S. Upholstered Household Furniture Imports
After three months of growth, overseas purchases of upholstered household furniture decreased by -7.7% to 109K tons in July 2023. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in April 2023 with an increase of 40% month-to-month.
In value terms, upholstered household furniture imports shrank slightly to $489M (IndexBox estimates) in July 2023. In general, imports saw a slight decline. The growth pace was the most rapid in April 2023 with an increase of 23% month-to-month.
Imports by Country
China (56K tons), Vietnam (33K tons) and Malaysia (4.8K tons) were the main suppliers of upholstered household furniture imports to the United States, with a combined 86% share of total imports. Mexico, Thailand and Italy lagged somewhat behind, together comprising a further 6.5%.
From July 2022 to July 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +2.2%), while imports for the other leaders experienced mixed trend patterns.
In value terms, Vietnam ($194M), China ($155M) and Mexico ($46M) were the largest upholstered household furniture suppliers to the United States, together comprising 81% of total imports.
Vietnam, with a CAGR of +0.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.
Import Prices by Country
In July 2023, the upholstered household furniture price amounted to $4,467 per ton (CIF, US), rising by 5.4% against the previous month. Over the period under review, the import price, however, showed a mild reduction. The growth pace was the most rapid in January 2023 an increase of 7.4% month-to-month. Over the period under review, average import prices reached the peak figure at $5,162 per ton in July 2022; however, from August 2022 to July 2023, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In July 2023, the country with the highest price was Mexico ($14,141 per ton), while the price for Malaysia ($2,440 per ton) was amongst the lowest.
From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by Mexico (+2.2%), while the prices for the other major suppliers experienced more modest paces of growth.