From January to October 2021, the volume of furniture exports from Russia reached 525.9 million USD. This represents a 47.5% increase to the corresponding period of the previous year. This gross estimation also includes parts of furniture, mattresses, bedding, mattress supports, healthcare and other professional furniture, so the HS codes 9401, 9402, 9403, 9404 are considered.
The weighted average of the currency exchange rate was 73.7514 RUB for 1 USD in the current period under review. This rate shall be used to accurately convert the exported value to rubles, for further market analysis in parallel to furniture imports and domestic production numbers given in current manufacturers’ prices.
Within the recent years, Russian manufacturers are consistently investing their resources into product development and promotion in foreign markets, including exhibition activity. Each year, more and more newcomers are joining the pool of exporting enterprises in the Russian furniture industry, with a constant positive dynamics of those shipments being shown for several years in a row.
Ten years ago, the share of exported furniture produced by the Russian manufacturers accounted only about 6% of the entire output. Currently, as per our calculation, the export ratio within domestically manufactured furniture is reaching 15.6% in the reporting period.
The exports data provided here is a preliminary estimation made by the Russian Federal Customs Service immediately after the reporting period, available at the time this news item is being published. Evidently, numbers are subject to change: the Customs update their analytics retrospectively, even a long time after the reporting period is finished. Those updated numbers and most actual data shall be included into our extended Market Reports.