Furniture Import Growth Almost Triple over Retail Sales 2017
In 2017, imports of household furniture rose 10.7 percent compared to only 3.8 percent growth in retail sales. The Great Recession, 2007 to 2009, brought with it a major collapse in international trade – deeply affecting both imports and exports of household furniture. In recent years, growing wages, higher employment, a boost in consumer confidence and a healthy housing market have propelled import growth. Meanwhile, exports have struggled to maintain the initial post-recession climb. This is the first in a series of five factoids detailing U.S. imports and exports from 2002 to 2017.
In 2017 the U.S. ran a $569 billion dollar trade deficit in all goods and services. Household furniture products at $30.7 billion in imports versus only $3.2 billion in exports represented only 3.4 percent of that deficit. Most astonishing, however, is that for all U.S. goods, the ratio of imports to exports was 1.5 while the ratio for furniture products was 9.7, almost 10 to 1.
World dollar totals of household furniture imports have nearly doubled from $15.58 billion in 2009 to $30.74 billion in 2017 – increasing an average of nine percent a year. Already just a fraction of U.S imports, U.S. exports of household furniture have failed to continue the upswing experienced from 2009 to 2015 when it jumped over $1 billion. Over the last two years (2015 to 2017) exports have declined by -7.1 percent down to $3.15 billion.
Source: U.S. Census Bureau, Foreign Trade