Vietnam is the 12th largest supplier of wooden furniture to Norway’s market. In the first half of the year, Vietnam’s market share of wooden furniture in Norway’s total import value decreased.
According to statistics from the International Trade Centre (ITC), in June 2022, the value of Norway’s wooden furniture imports reached $87 million, down 11.6% compared to June 2021. Overall, in the first half of 2022, the value of Norway’s wooden furniture imports reached $530.4 million, a decrease of 1.6% compared to the same period in 2021.
Norway’s wooden furniture market is quite large and has the highest per capita consumption of furniture in Europe. Imports account for nearly 80% of the supply on the market.
In the first half of 2022, Norway imported wooden furniture from major markets such as Denmark, Lithuania, Sweden, and Poland. The value of imports from these markets accounted for 71.9% of the total value of wooden furniture imports. Among them, Norway increased the proportion of imports from Lithuania and Poland, while decreasing the proportion of imports from Denmark and Sweden.
Vietnam is the 12th largest supplier of wooden furniture to Norway, with the value of imports from Vietnam reaching $5.3 million in the first half of 2022, a decrease of 25.2% compared to the same period in 2021. The proportion of imports from Vietnam only accounted for 1% of the total import value, which is still too low compared to the average import demand of $902.4 million per year during the period from 2017 to 2021. Norway is a very promising market for Vietnam’s wooden furniture products. Through Norway, Vietnamese businesses can export goods to other Nordic countries, especially the European Free Trade Association (EFTA) bloc consisting of Norway, Switzerland, and Iceland.
In terms of the wooden furniture product structure, Norway mainly imports products such as living room and dining room furniture, kitchen furniture, and wooden frame chairs. The import value of these three products accounted for 86.8% of the total value of wooden furniture imports to Norway.
Among them, Norway increased its imports of furniture for living rooms and dining rooms, while decreasing its imports of kitchen furniture and wooden frame chairs. There is still a large potential for Vietnamese businesses to exploit the wooden furniture market in Norway, as the proportion of imports is still very low.