wood furniture trade deficit on record pace.
In the first three quarters of 1998, the timber and furniture trade deficit exceeded the $4 billion mark and quickly broke the trade --
According to US data, the gap record created last yearS.
Ministry of Commerce statistics.
1998 of the trade deficit could reach $5.
6 billion, according to the fourth quarter shipment trend recorded in 1996 and 1997.
Trade difference, represented by the number of wooden furniture imported to the United States minus the number of wood furniture in the United StatesS.
Manufacturers shipped abroad reached nearly $4.
1 billion for the first nine months of 1998.
The deficit was up 24% from the same period in 1997.
Since 1990, this gap has increased by more than 105%, breaking the $4 billion mark for the first time in 1997, reaching $4. 6billion. (See U. S.
An expanded chart of the trade difference on this page. )
In the first nine months of 1998, the United States imported $4.
Foreign value 9 billion yuan
Furniture, up $800 from the same period in 1997.
More than 40% of the population in the United StatesS.
Furniture trade deficit in Asia. The value of U. S. -
Wooden furniture destined for other countries will reach the $1 billion mark for the fourth consecutive year of 19 years.
As at September, exports amounted to $847.
5 million, slightly higher than last year\'s pace.
Still, the Pacific Rim is struggling with the economy, or perhaps because of this year --
In the old economic crisis in most parts of Asia, wood furniture exported to the United States by major Pacific Rim countries grew by about 19% in the first nine months of this year.
During this period, the United StatesS.
Exports from these countries fell by more than 33%.
In the first nine months of 1998, imports from China, Indonesia, Japan, South Korea, Malaysia, the Philippines, Taiwan, Thailand and Vietnam totaled about $2 billion, compared to $1.
7 billion to September 1997.
Exports to these countries fell from $118 in the first three quarters.
$3 million to $78. 2 million.
Japan is the largest importer of the United States. S. -
Wood Furniture made, wood furniture purchased from the United States decreased by 26%S.
Manufacturers fell from $72 to three quarters.
$3 million to $53. 7 million. Shipments of U. S. -
The price of goods exported to South Korea fell 84% from $14. Between $4 million and $2. 3 million. (
On this page, see chart on import/export. )
Only China and Vietnam have bought more US Treasury bonds. S. -
More wooden furniture was made this year than last year. Vietnam, [
Omitted table data
However, US imports totaled only $84 million. S.
Furniture prices rose from $55 million to $8.
6 million worth of furniture is just a fraction of the $0. 835 billion it sold to the United States. S.
As at September. China.
This allowed the export of wood furniture to the United States. S.
It has risen by about 380% since 1991.
It is the second largest import in the United States.
North American market in the United StatesS.
The trade deficit with NAFTA partners Mexico and Canada also grew in the first three months of this year.
Wooden furniture imported from Canada and Mexico (
Through nine months)were $1. 7 billion.
Although exports to these countries totalled $0. 425 billion, $1 was created.
The trade deficit was 3 billion.
By contrast, imports from Canada and Mexico totaled $1997.
9 billion, accounting for 33% of all wooden furniture imported into the United States. S.
Exports were $0. 54 billion, an increase of $1.
4 billion from the United StatesS.
Furniture trade deficit last yearCanadian-
The price of wooden furniture imported into the United States is between $ 25% and $1.
Compared with the first three quarters of 1998, the first three quarters of 1997 was 3 billion. Mexican-
Wooden furniture shipped to the United States8.
The same period has also increased, with shipments jumping 17% to $0. 387 billion.
The furniture industry in Canada is expected to develop very well in 1998 and 1999.
The furniture industry is one of the five major business units identified by Imperial Bank of Canada and is expected to grow significantly this year and next.
The CIBC is expected to grow by 18% in 1998 and 6% in 1999 due to capacity expansion, strong consumer demand in North America and favorable exchange rates. U. S.
In the first three quarters of 1998, wooden furniture manufacturers did ship more products to Canada and Mexico.
Exports to Canada increased by $0. 362 billion to $ 18% in the first nine months and to $63 in Mexico.
1 million in that time frame.
Timber furniture imported from Pacific Rim countries and Canada/Mexico accounted for the largest share of wood furniture shipped to the United States.
While Asian countries ship more wooden furniture to the United States than any other trading group, their market share has declined since the North American Free Trade Agreement was enacted in 1994.
Four years ago, the market share of the Pacific Rim countries was 48%.
Today is 40 years old. 8%.
In 1994, the market share of Canada and Mexico was 24%, which is now more than 33%.