Overall, 2008 was a year in which furniture imports grew 73.55% - but, against 2007's steep drop of 48.39% - this is seen as regaining ground lost when the U.S. housing bubble went bust. Now global recession looks likely to reverse the recovery.
An analysis of 2008 trade data on source countries shows that China, accounting for 62.4% of total known value of imports, was the top supplier of furniture to the U.S. However, China's rate of growth in furniture imports - 66.73% - was surpassed by Vietnam, with a 154.93% growth rate, albeit from a lower volume base. As a result, China's share of the U.S. market for imports dropped 2.83%, while Vietnam gained 2.74%. This is evidence of the continued shift in production away from China to lower-cost countries, a trend that is expected to accelerate post-recession.
The global recession also slowed U.S. furniture exports. After positive growth of 7.05% in 2008, a 19.89% drop is forecast for 2009. While China is also the top market country for U.S. exports, its share was a modest 6.07% of total known value of exports last year. While China took in 8.95% more exports in 2008, Saudi Arabia, with a 4.76% share, led growth with a 58.06% surge.
In 2008, the top importer of furniture was Ikea, while Herman Miller was the leading exporter of furniture by volume. California led the states as an importer. North Carolina ranked as the number 2 importer, yet another indication of the furniture sector's globalization. Florida was the top furniture exporting state, followed by New Jersey.
