South Korea’s imports of Chinese furniture increased in the first quarter of 2015

The scale of South Korean imports of Chinese furniture increased in the first quarter of 2015

Foreign media said, According to a data released by the Customs Department of Korea (Customs) on May 4, in the first quarter of 2015, Korean furniture imports reached US$646 million, a sharp increase of 16% year-on-year. The scale of furniture imported from China reached 420 million US dollars, accounting for 67% of total furniture imports.

South Korea imports Chinese furniture to increase Korean media: because IKEA opened

According to the report of the Yonhap News Agency on May 4, the Swedish furniture company IKEA officially opened in South Korea at the end of last year. The main reason for the sharp increase in the scale of imports of furniture from China. It is reported that IKEA has not established a production line in South Korea, and furniture products sold in Korea are imported from other countries such as China.

Although IKEA has not officially announced sales in South Korea, according to industry estimates, IKEA’s monthly sales may reach 10 billion won (about RMB 57.48 million). It is reported that IKEA will further increase its sales in South Korea and strive to increase its sales network in Korea from the current one to five in 2020. Therefore, the scale of Korean imports of furniture from China will continue to expand.

Data show that Korean furniture exports in the first quarter were US$476 million, a slight decrease from US$574 million in the same period last year. The trade deficit in this area reached US$170 million.

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