Furniture accounts for about 12% of total cargo, but about 20% of current US import growth from Asia.

The October 2002 Market Overview published by Furniture Today, the leading journal of the furniture industry in the US, says that based on trends for the first eight months of the year, industry sales will be up 4.3%. By comparison, furniture volume for the EB trade is up 39% for the first eight months of the year. For the last 4 months, volume has increased 57% versus last year. There has been an extreme shift in sourcing to the Far East in 2002.

The report says that for 2001, "imports accounted for 34% of the wholesale value of household furniture." Based on the huge volume increase, it seems likely that imports will come close to accounting for almost half of wholesale value in 2002.

The report is very positive for 2003. It says that retailers, manufacturers and sales representatives are very optimistic about their own company's prospects and most think business for the whole industry will get better.

The report says "government figures indicate that the assessment that business is better is probably on the mark. Economic indicators, particularly in the critically important housing sector, give credence to optimism for prospects in 2003."

The report goes on to say: "with interest rates continuing to be at their lowest in more than 30 years, most analysts expect housing activity - both new construction and existing home sales - to remain at record or near record levels through the end of 2002 and into 2003. The high number of moves to new housing bodes well for the furniture industry over the next year and may be the source of optimism that many in the industry express for 2003."

The report goes on to say: "According to figures from the National Association of Homebuilders and the Department of Commerce, when a family moves into a new home, they spend a little more than US$3,600 on furnishings within the next year. This translates into some $25 billion up for grabs."

Finally, the report quotes sales representatives as saying: "Imports are the future of furniture in the United States, whether we like it or not. Retailers, they say, cannot be competitive without them."