Furniture imports hit all-time high in H1

[THE INVESTOR] The total value of furniture imports in the first half of this year recorded an all-time high breaking last year’s record, according to customs data on July 18.

Furniture imported in the first half of 2016 was worth US$1.54 billion, according to Korea Customs Service, a 13.1 percent increase from the same period last year, which saw the highest figure in the 2000s, with US$2.85 billion for the whole year. 

Growth in furniture imports had slowed down in the late 2000s due to a sluggish economy but it is back on the track since 2013. The growing interest in interior design and decorating home and office has added to the upturn, and in 2015, the furniture retail business recorded 5 trillion won (US$4.40 billion) in sales, a 7 percent increase on-year.

By weight, the H1 imports marked 327,700 tons, a 6.6 percent increase on-year. Imports from China took up 72.2 percent in weight and 59.7 percent in value, reflecting growing demand for small items and decorating objects for “dressing homes” on a budget.

By Hwang You-mee (glamazon@heraldcorp.com)