Bangladesh: Wooden Office Furniture Market 2024

Wooden Office Furniture Market Size in Bangladesh

The Bangladeshi wooden office furniture market totaled $X in 2021, growing by 7.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a deep contraction. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Wooden Office Furniture Exports

Exports from Bangladesh

In 2021, shipments abroad of wooden furniture of a kind used in offices increased by 67% to X units, rising for the second year in a row after two years of decline. In general, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2015 with an increase of 19,032%. As a result, the exports attained the peak of X units. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, wooden office furniture exports contracted modestly to $X in 2021. Over the period under review, exports saw significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 28,458%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

India (X units), Malaysia (X units) and the United States (X units) were the main destinations of wooden office furniture exports from Bangladesh, together comprising 86% of total exports. These countries were followed by Saudi Arabia, Kuwait, Nepal, Norway, Sri Lanka and Hong Kong SAR, which together accounted for a further 12%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Saudi Arabia (with a CAGR of +454.9%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for wooden furniture of a kind used in offices exports from Bangladesh, comprising 80% of total exports. The second position in the ranking was held by India ($X), with a 13% share of total exports. It was followed by Saudi Arabia, with a 2.1% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +41.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+68.0% per year) and Saudi Arabia (-12.8% per year).

Export Prices by Country

The average wooden office furniture export price stood at $X per unit in 2021, dropping by -40.7% against the previous year. In general, the export price saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 when the average export price increased by 167% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+72.2%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Office Furniture Imports

Imports into Bangladesh

In 2021, the amount of wooden furniture of a kind used in offices imported into Bangladesh contracted slightly to X units, approximately reflecting the previous year. Overall, imports showed a deep slump. The pace of growth appeared the most rapid in 2014 with an increase of 251%. As a result, imports attained the peak of X units. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, wooden office furniture imports surged to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when imports increased by 121% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China (X units), Malaysia (X units) and South Korea (X units) were the main suppliers of wooden office furniture imports to Bangladesh, together comprising 68% of total imports. These countries were followed by Hong Kong SAR, Germany, Italy and Singapore, which together accounted for a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +66.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest wooden office furniture suppliers to Bangladesh were China ($X), South Korea ($X) and Germany ($X), with a combined 73% share of total imports.

In terms of the main suppliers, Germany, with a CAGR of +103.4%, recorded the highest rates of growth with regard to 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 average wooden office furniture import price stood at $X per unit in 2021, rising by 60% against the previous year. Overall, the import price recorded a resilient increase. The growth pace was the most rapid in 2013 when the average import price increased by 103% against the previous year. The import price peaked in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+33.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :