In 2021, the volume of furniture imports from South Korea to Russia reached 198 million USD. This represents a 54.7% increase to the corresponding period of the previous year. The share of South Korea in Russian furniture imports is as much as 7.7% in 2021, which is lower than in 2019 (9.1%) but higher than in 2020 (6.5%).
Furniture imports from South Korea consist almost entirely (95.7%) of parts of seating furniture and seats used in motor vehicles, having no practical impact on the residential or other professional furniture markets.
The weighted average of the currency exchange rate was 73.6541 RUB for 1 USD in the current period under review. This rate shall be used to accurately convert the imported value to rubles.
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 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.