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Surge in China’s Home Appliances, Decline in Furniture Industry

China’s Home Appliances Sector Surges, Furniture Industry Declines in 2023

In a notable economic development, China’s home appliances sector has witnessed substantial growth in the first 11 months of 2023, according to the most recent data released by the National Bureau of Statistics. This robust expansion underscores the strength of domestic production in a key segment of China’s vast manufacturing landscape.

Surge in Home Appliances Production

Among the different types of home appliances, the production of refrigerators rose by a remarkable 14.5 percent, amounting to 88.15 million units. Air conditioners followed suit, with a production increase of 12.6 percent, totaling 223.34 million units. Notably, washing machines saw the most significant surge, with a production increase of 20 percent to 95.36 million units in comparison with the same period the previous year.

Contrary Trend in Furniture Industry

While the home appliances sector flourishes, the furniture industry in China confronts a contrasting scenario. Enterprises of a certain scale in this sector reported a decrease in revenue and profits. Revenues slipped by 5.5 percent to 579.66 billion yuan (approximately $82 billion), and profits fell by 6.3 percent to 30.15 billion yuan.

Divergent Performance within Domestic Production

This stark contrast in performance between the home appliances and furniture industries illuminates the varied trends within China’s domestic production during this period. It brings to light the complexities of China’s vast manufacturing landscape, where different sectors can experience disparate growth patterns, potentially impacted by myriad factors such as market demand, supply chain disruptions, labor costs, and policy changes.