Eastern Asia: Wooden Office Furniture Market 2024

Wooden Office Furniture Market Size in Eastern Asia

The East Asian wooden office furniture market stood at $X in 2021, almost unchanged from the previous year. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained 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 Eastern Asia

In value terms, wooden office furniture production expanded notably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 14%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Wooden Office Furniture Exports

Exports in Eastern Asia

In 2021, the amount of wooden furniture of a kind used in offices exported in Eastern Asia skyrocketed to X units, rising by 15% compared with 2020 figures. Total exports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +7.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +57.4% against 2019 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 40% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, wooden office furniture exports soared to $X in 2021. The total export value increased at an average annual rate of +5.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X units) was the largest exporter of wooden furniture of a kind used in offices in Eastern Asia, achieving 99% of total export.

China was also the fastest-growing in terms of the wooden furniture of a kind used in offices exports, with a CAGR of +8.0% from 2012 to 2021. From 2012 to 2021, the share of China increased by +2.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest wooden office furniture supplier in Eastern Asia.

From 2012 to 2021, the average annual growth rate of value in China stood at +5.4%.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per unit, surging by 3.5% against the previous year. Over the period under review, the export price, however, saw a noticeable decline. The growth pace was the most rapid in 2016 when the export price increased by 16%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to -2.4% per year.

Wooden Office Furniture Imports

Imports in Eastern Asia

In 2021, overseas purchases of wooden furniture of a kind used in offices increased by 5.4% to X units, rising for the fifth consecutive year after two years of decline. Total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +111.2% against 2016 indices. The pace of growth was the most pronounced in 2017 when imports increased by 29%. The volume of import peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, wooden office furniture imports amounted to $X in 2021. The total import value increased at an average annual rate of +2.0% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 22%. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, South Korea (X units) represented the main importer of wooden furniture of a kind used in offices, comprising 63% of total imports. Japan (X units) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by Hong Kong SAR (9.2%) and Taiwan (Chinese) (5.2%). China (X units) took a little share of total imports.

South Korea was also the fastest-growing in terms of the wooden furniture of a kind used in offices imports, with a CAGR of +11.4% from 2012 to 2021. At the same time, Japan (+7.4%) and Taiwan (Chinese) (+2.5%) displayed positive paces of growth. By contrast, China (-5.0%) and Hong Kong SAR (-7.7%) illustrated a downward trend over the same period. While the share of South Korea (+26 p.p.) and Japan (+3.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of China (-6.3 p.p.) and Hong Kong SAR (-20.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) constitutes the largest market for imported wooden furniture of a kind used in offices in Eastern Asia, comprising 51% of total imports. The second position in the ranking was held by Japan ($X), with a 19% share of total imports. It was followed by Hong Kong SAR, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in South Korea stood at +8.4%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+1.5% per year) and Hong Kong SAR (-6.7% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per unit, picking up by 4.3% against the previous year. Overall, the import price, however, saw a pronounced reduction. The growth pace was the most rapid in 2016 when the import price increased by 35% against the previous year. As a result, import price attained the peak level of $X per unit. From 2017 to 2021, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per unit), while South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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