by Mann, Armistead & Epperson analysis shows decline to major markets such as Australia, the UK and Japan, but numbers are offset by increases to China, Saudi Arabia and Mexico
HIGH POINT — Exports of domestically produced furniture fell 4.1% last year, according to recently released figures compiled by investment banking firm Mann, Armistead & Epperson.
Exports totaled $2.4 billion, compared to $2.5 billion in 2022, the report noted.
Canada remained the largest market for U.S.-made furniture at $1.5 billion. However, this was down 4.4% from the $1.6 billion in furniture shipped to Canada in 2022.
From there, the figures fell dramatically. Mexico was the next largest market, with just $200 million purchased in 2023, up 7.5% from the $186 million in shipments the year before.
Falling even further in dollar volume, the U.K. imported $48 million in U.S.-made furniture in 2023, down 9.4% from $53 million in 2022, followed by the Bahamas at $43 million, down 8.5% from $47 million in 2022, and Saudi Arabia, at $32 million, up 18.5% from $27 million in 2022.
Australia was the next largest market for U.S.-made furniture at $27 million, down 18.2% from $33 million in 2022, followed by China at $25 million, up 25% from $20 million in 2022, and Japan, at $24 million, down 8.3% from $26 million in 2022.
The next two largest markets in the Top 10 export markets and tied at No. 9 were South Korea, at $22 million, down 31.3% from $32 million in 2022, and the Dominican Republic, also at $22 million, down 8.3% from $24 million in 2022. Germany ranked at No. 10 at $21 million, down 25% from $28 million in 2022.
At $2.45 billion, overall furniture exports in 2023 were still larger than the amounts reported for 2021 ($2.3 billion), 2020 ($2 billion) and 2019 ($2.36 billion) but still slightly short of the $2.5 billion on average for 2016, 2017 and 2018.
