Vietnam’s share of wooden furniture increased in the total value of U.S. imports
Statistics from the U.S. International Trade Commission (USITC) show that U.S. wooden furniture imports totaled $1.5 billion in February 2023, down 24.1% from February 2022. Additionally, in the first two months of 2023, imports were $3.3 billion, a decrease of 20.4% compared to the same period in 2022.
Exporting furniture to the US market
The United States imported the most wood furnishings from Vietnam in the first two months of 2023, totaling $1.2 billion. However, this represents a 7.3% decrease from the same period in 2022. Additionally, imports from Vietnam made up 37.1% of the total import value, which is up 5.2 percentage points compared to 2022.
In contrast, imports from China reached $533.3 million, down 45.6% from the previous year. Consequently, China’s share of the total import value fell to 16.3%, a drop of 7.5 percentage points.
Moreover, the reopening of China’s economy is expected to pose challenges for Vietnam’s wooden furniture industry. Consequently, competition in the U.S. market will increase.
The United States significantly reduced imports of wooden furniture in the first two months of 2023. Specifically, imports of wood frame chairs and living room and dining room furniture were notable. Vietnam is a major supplier of these items. U.S. imports of wooden frame chairs from Vietnam totaled $403.7 million, down 17.8% from 2022, accounting for 35.5% of total imports. Additionally, living room and dining room furniture imports from Vietnam were $376.7 million, down 0.1%, and made up 36.4% of total imports.
