Pakistan’s furniture exports expanded to USD6,146 million in the first eight months of the fiscal year 2021-2022 compared to USD2,743 million in the corresponding period of last year, registering an astronomical 124% increase, according to WealthPK.
According to the Pakistan Bureau of Statistics (PBS), in 2020, Pakistan’s furniture exports totalled $4.78 million, accounting for 0.021% of total exports. The share in total exports increased by 0.005 percent in comparison to 2019. The value of commodity imports to Pakistan was $6.69 million in 2020.
Pakistan Furniture Council (PFC), a representative body of prominent furniture designers and manufacturers, told WealthPK that the volume of exports can reach $5 billion in the next 10 years if the government supports the furniture industry.
According to PFC, Pakistan’s share in the international wooden furniture market is insignificant, despite having a long history of craftsmanship in the field. The industry uses outmoded machinery, inadequate tools, and manual labor for manufacturing furniture, which adds more to the cost than to the value.
Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) told WealthPK that China hopes to maintain a stronger economic and investment relationship with Pakistan by strengthening trade links with Pakistan’s furniture industry.
Many of Pakistan’s furniture manufacturers are eyeing China as a new market, as China Pakistan Economic Corridor (CPEC) has entered a new phase, with China being Pakistan’s largest trading partner.
The links between the furniture industries of China and Pakistan would boost cooperation in industry exchanges, project investment, and development of two-way economic and trade cooperation.
The global furniture market is expected to generate $715 billion in revenue in 2022. The growth in the market is generally encouraged by the construction sector as well as rising disposable incomes across the globe. The market is estimated to expand at a 4.79% annual rate (CAGR 2022-2026).
The furniture industry in Pakistan must transform itself from a small-scale industry to a high-tech industry by investing in training, upgrading supplies and imports, establishing a woodwork institute, and testing laboratories of international standards.
Furthermore, the government should cooperate with furniture manufacturers and exporters to organize exhibitions in foreign nations to promote exports.
