Asmindo: Indonesian furniture exports to fall 18% this year
Oct 16, 2009. Exports of furniture from Indonesia are expected to decline by as much as 18% in 2009, which is down to $1.6 billion against $1.95 billion in 2008. Exports for 1Q 2009 were down 24% compared to 1Q 2008.
Oct 16, 2009. /Lesprom Network/. Exports of furniture from Indonesia are expected to decline by as much as 18% in 2009, which is down to $1.6 billion against $1.95 billion in 2008. This is because the European and US economies remain soft says the Indonesian Furniture Industry and Handicrafts Association (Asmindo), as ITTO informed Lesprom Network.
Exports for 1Q 2009 were down 24% compared to 1Q 2008. However, Asmindo is optimistic that the US and European economies would have bottomed out in 2009. Considerable efforts have been made by Indonesian manufacturers to penetrate the Middle-Eastern and Eastern European markets.
However, sales to these new markets will not be able to make up for the differences as the US and Western European markets take up to 70% of Indonesia’s total furniture exports.