ASEAN: Wooden Office Furniture Market 2024

Wooden Office Furniture Market Size in ASEAN

The ASEAN wooden office furniture market surged to $X in 2021, growing by 17% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Wooden Office Furniture Production in ASEAN

In value terms, wooden office furniture production soared to $X in 2021 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 23%. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Wooden Office Furniture Exports

Exports in ASEAN

In 2021, the amount of wooden furniture of a kind used in offices exported in ASEAN reached X units, approximately reflecting the previous year's figure. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 59% against the previous year. The volume of export peaked at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, wooden office furniture exports soared to $X in 2021. In general, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 147%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam (X units) and Malaysia (X units) represented roughly 79% of total exports in 2021. It was distantly followed by Indonesia (X units), generating a 12% share of total exports. The following exporters - Thailand (X units), Singapore (X units) and the Philippines (X units) - together made up 8.3% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the Philippines (with a CAGR of +31.2%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the largest wooden office furniture supplier in ASEAN, comprising 57% of total exports. The second position in the ranking was held by Malaysia ($X), with a 28% share of total exports. It was followed by Indonesia, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam amounted to +18.7%. In the other countries, the average annual rates were as follows: Malaysia (-9.0% per year) and Indonesia (+0.3% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2021, growing by 15% against the previous year. Export price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, wooden office furniture export price decreased by -13.6% against 2019 indices. The pace of growth appeared the most rapid in 2019 an increase of 63%. Over the period under review, the export prices hit record highs at $X per unit in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+1.2%), while the other leaders experienced more modest paces of growth.

Wooden Office Furniture Imports

Imports in ASEAN

In 2021, purchases abroad of wooden furniture of a kind used in offices was finally on the rise to reach X units after two years of decline. In general, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2013 when imports increased by 76%. The volume of import peaked at X units in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, wooden office furniture imports skyrocketed to $X in 2021. Total imports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -36.4% against 2018 indices. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

The Philippines represented the key importing country with an import of about X units, which finished at 56% of total imports. Malaysia (X units) took a 16% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (12%) and Singapore (8.7%). The following importers - Cambodia (X units) and Vietnam (X units) - each recorded a 6% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to wooden office furniture imports into the Philippines stood at +17.3%. At the same time, Indonesia (+20.1%), Vietnam (+16.6%), Cambodia (+11.5%) and Malaysia (+2.3%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +20.1% from 2012-2021. By contrast, Singapore (-2.5%) illustrated a downward trend over the same period. While the share of the Philippines (+28 p.p.) and Indonesia (+7.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Malaysia (-10.6 p.p.) and Singapore (-13.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest wooden office furniture importing markets in ASEAN were Malaysia ($X), the Philippines ($X) and Singapore ($X), with a combined 69% share of total imports. These countries were followed by Indonesia, Vietnam and Cambodia, which together accounted for a further 28%.

Among the main importing countries, Vietnam, with a CAGR of +13.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2021, therefore, remained relatively stable against the previous year. Over the period under review, the import price, however, showed a abrupt decline. The growth pace was the most rapid in 2019 an increase of 14% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+11.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform