Weak Dollar Cuts Import Figures
The value of the US dollar has been declining and it has affected all industries. The automotive industry has seen a drop in the number of vehicles sold every year. As a result, there have been mass layoffs on some automakers' assembly facilities. The furniture industry is also being affected by the weakened value of the dollar.
According to the Port Import Export Reporting Service Global Intelligence Solutions, the number of furniture items being imported has dropped considerably over the past two years. According to the report, the weak housing market in the United States and the lowering value of the US dollars are the main reasons behind the import decline.
Between 2005 and 2006, the report stated that the annual rate for imported furniture reached about 2.1 million TEUs. TEU is the unit used to denote a 20-foot container used in intermodal freight. From that average, the figure dropped significantly from early 2006. By early 2007, it has dropped to a level of only 1.8 million TEUs. This trend though is not expected to continue as forecasts for 2008 puts the average at about 2 million TEUs.
PIERS came up with figures by monitoring the number of shipment of furniture going out of the United States through the country's ports. That means that the figures reported by PIERS do not include furniture shipped into Canada or Mexico. But that does not mean that the number of furniture being shipped out of the country to Canada and Mexico is not enough to offset the drop in the imports to other countries overseas.
PIERS also reported that Ashley Furniture is the largest importer of furniture in the country. Said company is followed by Costco Wholesale Corp., Wal-Mart Stores, Pier 1 Imports, Target Corp., Woodstuff Mfg. (SLF), Hooker Furniture, Furniture Brands International, The Bombay Company and Levitz Furniture according to a report by Furniture Today.
With the export business picking up with the weakening of the US dollar, Ashley Furniture is also leading all companies in terms of exports. City Furniture, Rooms To Go, Home Depot, Coaster Co. of America, Leggett & Platt, American Furniture Wholesale Corp., Sears Holdings Corp., Furnitureland South and Furniture Brands International follows Ashley.
The report also said that the export of furniture has risen from 54,000 TEUs in early 2003 to over 70,000 TEUs by the latter part of last year. Although further weakening of the US dollar is expected, the number of furniture that will be imported is expected to rise. This also holds true for the number of furniture that will be exported. PIERS expect export to rise by 3 percent annually.
The report also named countries where furniture are being imported from and exported to. Japan, China, the Bahamas, the United Kingdom, Hong Kong, the Dominican Republic, Australia, Saudi Arabia, Germany, and Venezuela are the most common countries where American furniture makers export their goods like candle holders and other home improvement products.
Countries where imported furniture comes from are also named by PIERS. These furniture usually come from China, Hong Kong, Malaysia, Brazil, Vietnam, Germany, Taiwan, Indonesia, Thailand, and Italy.
According to the Port Import Export Reporting Service Global Intelligence Solutions, the number of furniture items being imported has dropped considerably over the past two years. According to the report, the weak housing market in the United States and the lowering value of the US dollars are the main reasons behind the import decline.
Between 2005 and 2006, the report stated that the annual rate for imported furniture reached about 2.1 million TEUs. TEU is the unit used to denote a 20-foot container used in intermodal freight. From that average, the figure dropped significantly from early 2006. By early 2007, it has dropped to a level of only 1.8 million TEUs. This trend though is not expected to continue as forecasts for 2008 puts the average at about 2 million TEUs.
PIERS came up with figures by monitoring the number of shipment of furniture going out of the United States through the country's ports. That means that the figures reported by PIERS do not include furniture shipped into Canada or Mexico. But that does not mean that the number of furniture being shipped out of the country to Canada and Mexico is not enough to offset the drop in the imports to other countries overseas.
PIERS also reported that Ashley Furniture is the largest importer of furniture in the country. Said company is followed by Costco Wholesale Corp., Wal-Mart Stores, Pier 1 Imports, Target Corp., Woodstuff Mfg. (SLF), Hooker Furniture, Furniture Brands International, The Bombay Company and Levitz Furniture according to a report by Furniture Today.
With the export business picking up with the weakening of the US dollar, Ashley Furniture is also leading all companies in terms of exports. City Furniture, Rooms To Go, Home Depot, Coaster Co. of America, Leggett & Platt, American Furniture Wholesale Corp., Sears Holdings Corp., Furnitureland South and Furniture Brands International follows Ashley.
The report also said that the export of furniture has risen from 54,000 TEUs in early 2003 to over 70,000 TEUs by the latter part of last year. Although further weakening of the US dollar is expected, the number of furniture that will be imported is expected to rise. This also holds true for the number of furniture that will be exported. PIERS expect export to rise by 3 percent annually.
The report also named countries where furniture are being imported from and exported to. Japan, China, the Bahamas, the United Kingdom, Hong Kong, the Dominican Republic, Australia, Saudi Arabia, Germany, and Venezuela are the most common countries where American furniture makers export their goods like candle holders and other home improvement products.
Countries where imported furniture comes from are also named by PIERS. These furniture usually come from China, Hong Kong, Malaysia, Brazil, Vietnam, Germany, Taiwan, Indonesia, Thailand, and Italy.
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