China’s furniture trade with ASEAN sees sharp decline in Q1 2020
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The value of China’s furniture imports from ASEAN declined over 85% to US$30.95 million in the first quarter of 2020 due to the coronavirus pandemic, reported ITTO.
The main supply countries in ASEAN, such as Vietnam, Malaysia, Thailand, Indonesia and Laos saw exports plummet; Vietnam -90%, Malaysia -87%, Thailand -84%, Indonesia -85% and Laos -87%.
The value of China’s furniture imports in 2019 from ASEAN countries also fell year-on-year, dropping 19% to US$2.62 billion. The main shippers in ASEAN, such as Vietnam, Malaysia, Thailand, Indonesia and Laos saw declines of 26%, 1%, 2%, 32% and 15% respectively.
Vietnam is the top furniture supplier to China accounting for 42% in the first quarter of 2020 and 51% in 2019.
Value of China’s furniture exports to ASEAN also decline drastically
The value of China’s furniture exports to ASEAN also dropped sharply (-81%) to US$210 million in the first quarter of 2020. Exports to Malaysia fell 75%, to the Philippines -82%, to Singapore -86%, to Indonesia -79%, to Thailand -81% and to Vietnam -89%.
In 2019 the value of China’s furniture exports to ASEAN were down 9% to US$1.115 with 96% of shipments being made to Malaysia (US$297 million), Singapore (US$230 million), the Philippines (US$193 million) and Indonesia (US$122 million). However, the value of China’s furniture exports to Thailand and Vietnam rose 5% and 10% respectively.