China became the largest furniture exporter in the world in 2004, surpassing Italy. Wood furniture manufacturing made up the largest proportion of the Chinese furniture manufacturing sector in 2012, contributing about 59.0% of total furniture manufacturing revenue.
Wood furniture manufacturers are expected to generate revenue of $63.0 billion in 2013, up 11.2% from 2012, with annualized increases of 16.5% in the past five years. Industry profit is relatively low, averaging 5.8% of industry revenue. This is due to high raw material costs and weak pricing levels across the industry. However, as household disposable income levels in China continue to increase, so will domestic demand, and manufacturers will be able to charge higher prices for their products.
The industry's exports are estimated at $12.3 billion in 2013, up 13.4% from 2012. Exports are forecast to account for 19.5% of industry revenue in 2013, down from 28.2% in 2008. Competing import levels are low in this industry, accounting for an estimated 0.9% of domestic demand in 2013.
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