PIERS Observe Increase in Furniture Imports

The Port Import Export Reporting Service (PIERS) Global Intelligence Solutions reported an increase of 20-percent in U.S. furniture imports as well as other goods from China for the first half of 2010. PIERS found out that the increase was mainly caused by the U.S. economic stimulus package for those buying houses for the first time. An 18-percent increase in furniture imports in May this year compared to May 2009 was also reported by PIERS.

PIERS economist Mario Moreno says that new homeowners are furnishing their houses which account for the increase in furniture imports. The housing stimulus gives the first-time home buyer an $8,000 tax credit. The purchase contract should be signed by April 30 and close by September 30.

The analysis by PIERS, however, expects a decrease in furniture imports due to unemployment and credit conditions, among other things.

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