In January 2021, the furniture production volume in Russia reached 18.55 billion rubles. This represents a 21.3% increase to the corresponding period of the previous year in current prices, not adjusted for inflation.
Rising costs of raw materials and components all over the world contribute to the rise in prices for Russian-made furniture, too. If taking into account the furniture manufacturers’ price change (+6.75%) in the reporting period, the production volume dynamics in real terms, adjusted for inflation, amounts to +14.6%.
The furniture production in physical terms (units) raised at 18% year-over-year. The fact that production in units is growing faster than inflation-adjusted value indicates that manufacturers’ margins are shrinking, and that cheaper furniture is brought to the market in greater quantities.
Current production levels are well above pre-pandemic volume, so the furniture production is not only boosted by adapting of the market to the effects of the pandemic, but rather determined by long-term economic factors and demand. Compared to the corresponding period of the pre-pandemic year 2019, the Russian furniture production went up by 32.5% in current prices of the period measured.
The weighted average of the currency exchange rates were 74.2291 RUB for 1 USD, and 90.5062 RUB for 1 EUR in the current period under review.
The so-called operational production data provided here is a preliminary estimate, made by the Federal Statistical Service of Russia immediately after the reporting month. Statistical reports of a number of enterprises are sometimes delayed, which affects the estimation accuracy. That’s why this preliminary estimate is subject to change once the final annual report is ready and published by Rosstat. The updated numbers and most actual data shall be included into our extended Market Reports.