Dramatic increase in furniture exports during 1st Half

Mr. Amnon Shwartz, Chairman of the furniture producers' union at the Israeli Manufacturers Association and Director General of the Aminach Group, said in a press release that the Israeli  furniture sector has shown a healthy growth during the first six months.
 
During first half, sales to the local market were up by 9.7% and reached  total of NIS 2.9 billions. Exports were up by 83% (US$ 16.3 millions ) compared to same period last year and the largest ever increase for a six months period.
 
The increase in exports consists of 28% (US$4.7 million ) in wooden furniture, 100% increase in export of metal furniture – us$ 300,000 and 117% increase in the export of plastic furniture – us$11.3 millions.
 
Mr. Shwartz noted that during the first six months furniture import was up by 16% (US$ 127.2 millions) compared to same period last year. The surge in furniture import was due to 16% increase in living rooms, 12% increase in metal office furniture , 44% in plastic furniture and 32% in office wooden furniture. However a decline of 16% was registered in the import of kitchens.
 
The last port strike inflicted the worst ever financial damage to the industry, estimated to be in the region of US$200 millions. The frequent ports' strikes made producers increase their stock levels to 8-10 weeks compared to 1-2 weeks on regular basis. The increased stock levels due to lack of confidence contributed, according to Mr. Shwartz additional NIS 300 millions to the cost structure of the industry.