KUCHING: Japan has increased the value of imports of wooden furniture parts by six per cent to RM58.56 million in October 2024 compared to the same period last year, with Malaysia being the fourth-largest supplier.
The rise in import value in October was largely driven by higher shipments from China and Vietnam, the main exporters of furniture parts (HS940391), according to the International Tropical Timber Organisation (ITTO) Tropical Timber Market Report (December 1-15, 2024), quoting data from Japan’s Ministry of Finance.
China’s wooden furniture parts exports to Japan during the period were valued at RM24.46 million, accounting for 47 per cent of Japan’s total imports. This was followed by Indonesia (RM10.5 million or 18 per cent), Vietnam (RM7.14 million or 12 per cent), and Malaysia (RM5.16 million or 9 per cent).
“The value of Japan’s wooden furniture parts imports in October increased compared to the previous month, continuing the upturn seen in September. However, the value of October imports remained slightly below the average for the previous nine months. Year-on-year, the value of October imports of wooden furniture parts into Japan rose by six per cent.
“The value of imports from Malaysia in October was approximately the same as in September. Twelve European suppliers accounted for just eight per cent of the value of October imports,” said the ITTO report.
Italy was the largest supplier among European countries, exporting RM2.4 million worth of wooden furniture parts to Japan in October, followed by Germany and Poland. Japan sourced the product from 24 countries.
In October 2024, Japan’s import bill for wooden bedroom furniture (HS940350) increased to RM80.52 million, with Malaysia being the third-largest supplier.
“October marked a reversal of the steady downward trend in Japan’s imports of wooden bedroom furniture. Compared to the previous month, October imports of HS940350 rose by almost 20 per cent. Compared to October 2023, there was a six per cent increase.
“The top exporters of wooden bedroom furniture to Japan in October were China (RM48.69 million), accounting for 61 per cent of Japan’s import value, Vietnam (RM26.1 million or 32 per cent), Malaysia (RM2.285 million or 4 per cent), and Thailand (2 per cent).”
Japan also recorded higher imports of kitchen furniture (HS940340) in October 2024, amounting to RM54.42 million — an increase of seven per cent compared to October 2023. Month-on-month, imports surged by 29 per cent, the highest increase in the past 10 months. The rise was driven by increased shipments from the Philippines, the largest supplier, valued at RM23.69 million, and Vietnam at RM16.97 million. Malaysia’s shipments to Japan were valued at RM230,275 for the period.
Meanwhile, Malaysia was the second-largest supplier of wooden office furniture (HS940330) to Japan. In October 2024, Japan imported RM8.23 million worth of wooden office furniture, with the majority (RM7.32 million or 89 per cent) coming from China, compared to RM427,090 (5 per cent) from Malaysia.
“Arrivals of wooden office furniture from Malaysia in October were only half the amount recorded in September. Approximately one per cent of all HS940330 imports came from South Korea, Italy, and Latvia.
“Year-on-year, the value of Japan’s imports of wooden office furniture in October increased significantly by 21 per cent. Compared to the previous month, imports rose by 20 per cent,” said ITTO.
Meanwhile, the Tokyo Metropolitan government is considering a fund to support middle-class housing as condominium prices soar in central Tokyo. A survey by the Real Estate Economic Research Institute showed that the average price of newly built condominiums in Tokyo exceeded 100 million yen (RM2.83 million).
Tokyo Governor Yuriko Koike noted that the rising prices make it difficult for families with children to secure homes in Tokyo, prompting some to relocate outside the capital.
The planned fund aims to provide financial assistance to private developers for building affordable housing. The metropolitan government hopes to lead efforts in establishing a financing system to support housing development.
On another development, bankruptcy filings in Japan in 2024 are projected to surpass 10,000, potentially exceeding the 2013 figures, according to Tokyo Shoko Research. In November, 841 Japanese companies filed for bankruptcy, bringing the total for January to November 2024 to 9,164 — already exceeding the total for 2023.
