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Weekly Digest

  • Now, furniture makers abroad can finance their offices abroad
  • Electronic customs are planning to enter in a year
  • IKEA is already knocking on our doors.
  • Furniture production returns from Asia to Europe
  • China increases both furniture exports and imports

Everything that happened last week in Ukraine and the world and is relevant for the furniture maker, read our digest:

1. Ukrainian business will be able to finance its own representative offices abroad without any restrictions. By the decision of July 2, the National Bank abolished the previously existing limit of two million euros. How much is needed – so much company funds and can transfer to foreign units.
Business has long requested this relief. “The amount is quite small. Companies that are actively working abroad lacked this amount even for trade shows, conferences, symposia and other activities. So, the cancellation of the limit will be perceived clearly positively, ”said financial expert Vasily Nevmerzhitsky.
Abolishing the two million restrictions, the National Bank made two exceptions when the limit continues to operate:
for the aggressor / occupier countries, that is, Russia;
for offshore zones and countries that do not comply with the requirements of FATF.

2. The appointed chairman of the State Customs Service, Maxim Nefedov, said that e-customs in Ukraine could work approximately in a year.
“We needed about a year to launch the ProZorro system. Such terms, it seems to me, are quite real, ”he explained and added that there are already funding and specialists for the implementation of this project.

3. Swedish furniture giant IKEA announced the launch of a website for Ukrainian consumers. It states that French Florian Melle, who has worked for the corporation since 2013, has been appointed director of IKEA Retail Ukraine. IKEA also began recruiting staff for the first city format store in Kiev, which is scheduled to open at the end of 2019. According to reliable information, IKEA signed an agreement on opening a store with an area of ​​approximately 6,000 sq. M. m in the shopping center “Blockbuster Mall” Vagif Aliyev. At first, the company planned to open its first supermarket in the Ocean Mall shopping center, which Aliyev is also building, but the deadline for putting the shopping center into operation is postponed.

4. The sharp rise in labor costs in China, the rising costs of logistics and raw materials for European furniture makers have become a sufficient reason to consider the issue of returning production to their historic homeland, to the Old World. This is especially true for those enterprises that seek to satisfy the customers’ need for a customized product (in which changes can be made quickly) within a shorter period of time (such a request is becoming more and more obvious from both end users and retailers).
The Great Relocation is also beneficial for Asian furniture makers: last year’s acquisition of the German brand Rolf Benz by the Chinese furniture giant Kuka (while maintaining production capacity in Europe) was only the first sign of impending changes. According to reviews of a number of consulting and research organizations, customers from China are increasingly asking them what furniture companies would be worth buying in Europe in support of the further international expansion of Chinese business.

5. The export of furniture products from China rose last year by 8.08% – up to 55580000000. Dollars. About 90% of this volume is made up of furniture for seating, furniture made of metal and solid wood. Nevertheless, exporters of mattresses (+ 42%), bamboo and rattan furniture (+ 20%) showed the most impressive growth.
Furniture imports in the PRC also grew – by 7.8% (up to 32.9 billion. Dollars). And approximately 80% of it consists of seating furniture and furniture made of natural wood. Importers are in the state of the highest gains for metal furniture importers (+ 32%) and special chairs for dental offices and hair salons (+ 36%).

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