China still world’s furniture production powerhouse but Vietnam close on its tail: CSIL

The 100 countries covered in CSIL’s newly-released World Furniture Outlook 2017/2018 make up almost 90 per cent of world population and over 95 per cent of world GDP. Production prices (excluding retail mark-up) currently stands at US$420 Bn. This means that these 100 countries in the survey are significant furniture producers.

Fig 1. Percentage breakdown of world furniture production, 2016. Source: CSIL.

China is the largest factory, accounting for 39 per cent of world furniture production. It is also a major exporter, followed at a distance by Germany, Italy, Poland and Vietnam. However in 2016, Chinese furniture exports have fallen while Vietnam picked up as the fastest growing furniture exporter (from a low base).

Other major furniture manufacturing countries are the US, Germany, Italy, India, Poland, Japan, Vietnam, the United Kingdom and Canada.

The leading importers of furniture are the United States, Germany, the United Kingdom, France and Canada.

The international furniture trade of this group of 100 countries (which we shall refer to as the world), amounted to about US$ 132 billion in 2016. This corresponds to about one per cent of world trade.

Fig 2: World trade of furniture. (Current US$ Bn). Source: CSIL.

In 2018 consumption is forecasted to grow by 3.5 per cent in real terms worldwide. The fastest growing region continues to be Asia with all other regions growing between one and three per cent in real terms.