The output of furniture in Russia decreased by 10% in January-February 2023

As Kommersant reports, with reference to the data of the Association of Furniture and Woodworking Enterprises of Russia, the output of Russian furniture decreased by 10% YoY and totaled 7.9 million pieces in January-February 2023.

As the Association comments, it is for the first time in the last two years that the market is experiencing such a noticeable decline; it was conditioned by a lower demand for furniture in Russia, the shutdown of IKEA factories, and the closure of many export markets for Russian producers.

Timur Irtuganov, General Director of the Association, explains the lower demand on the domestic market by the fact that many people postpone the purchase of furniture until the economic environment normalizes.

According to the data of the Association, exports of Russian furniture fell by 74% YoY by value and totaled 1.9 billion rubles in January-February 2023. Imports also decreased by 56% YoY and totaled 13.4 billion rubles.