Imports Still Growing as China Devalues Yuan: World Dollar Totals of U.S. Household Furniture Imports and Exports by Selected Years
Can China’s currency devaluation impact the U.S. furniture industry? Although economists differ on how much the impact will be; China hopes to prevent its economy from slowing further by making its exports less expensive. China already dominates 60.8 percent of household furniture imports to the U.S. and cheaper imports could strengthen that hold.
The world totals of both U.S. imports and exports in the household furniture industry have been on the rise since the Great Recession. In 2014 imports totaled $23.8 billion at wholesale or about 74 percent of U.S. furniture and bedding consumption - this compares to 62 percent in 2007.
Imports to the U.S. experienced high growth (53.6 percent) from 2002 to 2007 before plummeting 24.3 percent by 2009. Since 2009, furniture imports increased to 53.1 percent in 2014 – growing an additional 10.9 percent from 2014 Q2 to 2015 Q2 year to date. And while U.S. exports total just a fraction of imports, exports of furniture have been steadily increasing since the peak of the recession in 2009. Up 50.1 percent since dropping 5.9 percent in 2009, the furniture export industry has increased from $1.5 billion in 2002 to $3.5 billion in 2014 – a jump of 141 percent.
Methodology: Household furniture imports and exports are compiled by the U.S. Census Bureau, Foreign Trade Division from over 200 countries by product type and material.
Source: U.S. Census Bureau, Foreign Trade