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Indonesia seeks to capture 1% of global furniture market share

Jakarta Globe - May 2, 2024

Chairul Fikri, Jakarta – Indonesian furniture exporters are setting their sights on capturing 1 percent of the market share, following a significant decline in exports last year.

Global furniture sales are estimated to have reached $729 billion last year, with a projected increase to $766 billion this year.

In 2023, Indonesia's furniture exports totaled $2.1 billion, marking a 23 percent decline from the previous year, according to data from the Indonesian Furniture and Handicraft Industry Association, or Asmindo.

The United States remains the largest export destination for Indonesia's furniture, accounting for 55 percent of exports.

"Our exports have been predominantly wooden furniture, comprising 68 percent of the overall furniture exports, with the United States continuing to be the largest buyer," said Asmindo Chairman Dedy Rochimat during a seminar in Jakarta on Thursday.

The Indonesian furniture industry is actively working towards surpassing $7 billion in furniture exports in the coming years, aiming for approximately 1 percent of the global market share, he added.

"To achieve this goal, we need to ensure an adequate supply of raw materials, invest in high-tech machinery, and enhance access to major markets such as the United States and European countries," Dedy said.

Source: https://jakartaglobe.id/business/indonesia-seeks-to-capture-1-of-global-furniture-market-shar