From January to February 2021, the volume of furniture imports to Russia reached 330.7 million USD. This represents a 8.4% increase to the corresponding period of the previous year. This gross estimation also includes parts of furniture, mattresses, bedding, mattress supports, healthcare and other professional furniture, so the HS codes 9401, 9402, 9403, 9404 are considered.
The imported volume reported by the Russian Federal Customs Service is often different from the relative trade numbers declared by origin country (i.e. so called mirror data). This is due to specifics of procedures and customs clearance in the Eurasian Economic Union (with the common outer border and no customs barriers between Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan) and partial shift of imports to the statistical “gray zone”. It’s important to bear this factor in mind when estimating the real weight of imports in the Russian furniture market. We always run such a cross-check within our extended Market Reports.
The weighted average of the currency exchange rate was 74.3027 RUB for 1 USD in the current period under review. This rate shall be used to accurately convert the imported value to rubles, for further market analysis in parallel to domestic production numbers given in current manufacturers’ prices.
Currently, the imports ratio in the furniture market is not measured by the official statistical bodies in Russia. According to our own calculation of the internal furniture consumption (production plus import minus export, “gray zone” excluded, healthcare furniture included), the market share of imports is reaching 40.8% in the reporting period.
In the past, imports of furniture to Russia experienced the most dramatic shortage during the years 2014-2016, after significant ruble devaluation, when the value of furniture imports fell almost three times within only two years. Thereafter, since 2017, it has been gradually recovering, but still didn’t reach those pre-crisis volumes in currency. The share of imports in the market, however, remains significant.
The imports data provided here is a preliminary estimation made by the Russian Federal Customs Service immediately after the reporting period, available at the time this news item is being published. Evidently, numbers are subject to change: the Customs update their analytics retrospectively, even a long time after the reporting period is finished. Those updated numbers and most actual data shall be included into our extended Market Reports.