HS Code:
The 'Made on a base or platform of wood' category, often classified under various HS Codes such as 9403.60 (wooden furniture) or related codes, includes products like furniture, decorative items, and structural components that are primarily constructed on a wooden base or platform. This category encompasses a wide range of items such as tables, chairs, cabinets, and shelving units, which are integral to household and commercial use. The global trade of these products is influenced by factors such as raw material availability, craftsmanship, and consumer trends towards sustainable and eco-friendly materials.
Total Trade Volume
Approximately $50 billion USD
Data from 2022
Source
United Nations Comtrade Database and World Trade Organization (WTO) Reports
$15 billion USD
30% of total trade of total trade
Increasing
$8 billion USD
16% of total trade of total trade
Increasing
$5 billion USD
10% of total trade of total trade
Stable
$4.5 billion USD
9% of total trade of total trade
Stable
$3.5 billion USD
7% of total trade of total trade
Decreasing
Average Rate
5.2% ad valorem
Highest Rate
12% (imposed by certain countries on non-preferential trade partners)
Lowest Rate
0% (under free trade agreements like EU-USMCA or ASEAN)
Rising demand for sustainable and eco-friendly furniture
Increased market share for certified sustainable wood products, pushing manufacturers to adopt greener practices
2021-2023
Shift towards online retail and e-commerce
Boosted exports from countries with strong logistics infrastructure, while challenging smaller exporters
2020-2022
Growth in demand for customizable and modular furniture
Favored manufacturers offering flexible design solutions, especially in urban markets
2019-2023
The European Union introduced the EU Deforestation Regulation (EUDR) requiring proof that wood products are sourced from deforestation-free supply chains.
June 2023
Increased compliance costs for exporters to the EU, potentially reducing trade volumes from non-compliant regions.
A partial rollback of additional tariffs on wooden furniture imports from China to the US was announced as part of trade negotiations.
March 2023
Expected to boost Chinese exports to the US, potentially affecting competitors like Vietnam.
Vietnam invested in new manufacturing hubs and signed trade agreements to enhance its position as a leading exporter of wooden furniture.
January 2023
Strengthened Vietnam’s market share, especially in the US and EU markets.