The UK imported USD731 million of tropical wood furniture products in 2022, 8% less than the previous year. In quantity terms, wood furniture imports were 153,000 tonnes last year, 9% less than in 2021. After the market turmoil in the previous two years during the COVID pandemic, UK tropical wood furniture imports in 2022 returned to a level slightly below the annual average between 2015 and 2019 (USD771 million). In a sign of deteriorating consumption, UK wood furniture import value in the last quarter of 2022 was 16% lower than the previous quarter and 15% down on the same period in 2021. In 2022, UK import value of wood furniture decreased 2% from Vietnam to USD365 million, 7% from Malaysia to USD130 million, 3% from India to USD80 million, 15% from Indonesia to USD69 million, 35% from Singapore to USD54 million. However imports increased 19% from Thailand to USD22 million (Chart 1).
The latest data from the UK Office for National Statistics shows that UK GDP increased 4.0% in 2022 after 7.6% growth in 2021, as it recovered from the historic blow from the COVID-19 pandemic. However this “rise” over the last two years must be considered in the light of the UK being amongst countries worst affected by the COVID-19 pandemic which led to a 9.4% fall in GDP in 2020 at a time when there was already uncertainty due to the country’s departure from the EU. The UK economy in December 2022 was still smaller than it was in December 2019. Continue reading “UK 2022 Tropical Imports Flat Overall As Weak Second Half Offsets Strong Start To The Year. ITTO European Market Report 14th February 2023”