Brazil: Furniture industry forecasts 10% growth in 2010
Aug 11, 2010. The reduction of the tax on industrial products from 10% to 5% has encouraged the furniture sector, according to the Brazilian Furniture Industry Association (ABIMÓVEL). The tax reduction is expected to generate a 10% growth in the sector for this year.
Aug 11, 2010. /Lesprom Network/. The reduction of the tax on industrial products from 10% to 5% has encouraged the furniture sector, according to the Brazilian Furniture Industry Association (ABIMÓVEL). The tax reduction is expected to generate a 10% growth in the sector for this year, ITTO reported.
In 2008, Brazilian production of wood furniture reached R$22 billion ($12.6 billion). In 2009, sales fell 18% to about R$18 billion ($10.3 billion) due to the global economic crisis. ABIMÓVEL expects that the furniture sector achieves the 2008 performance this year. In December 2009, the sector already experienced some recovery.
According to ABIMÓVEL, sales rose 13% and mills increased their production from 70% to 85% of the total production capacity.