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Bulgarian Furniture-Makers Overcome Crisis Bulgarian furniture producers have managed to overcome the effects of the economic crisis, according to data of the Bulgarian Chamber of the Wood-Processing and Furniture Industry.
The chair of the chamber Stefan Ganev has announced that in June 2010 Bulgaria's wood processing and furniture factories registered growth for the first time since the crisis kicked off, as cited by the Pari Daily.
The renewed positive dynamics in the sector has also been demonstrated by the increased interest of furniture-makers in participation in the “Furniture World” expo organized by the chamber in October 2010.
After reaching a peak of BGN 170 M in 2008, Bulgaria's export of furniture collapsed down to BGN 120 M in 2009. The export of lumber dropped from BGN 300 M down to BGN 250 M.
In June 2010, however, the furniture production registered a 9.7% growth year-on-year, and the wood-processing industry – 17%.
Ganev has pointed out that the companies relying primarily on Bulgaria's domestic market have nearly collapsed, while the export-oriented ones hardly suffered from the crisis. About 20 Bulgarian furniture-makers are reported to be doing very well in terms of winning contracts abroad.
The furniture-makers chamber has been alarmed by the high share of the gray economy in the sector – estimated at 40% - and has started an initiative called “Authentic Bulgarian Furniture” providing special marks to producers who pay their taxes and are environment friendly.
Tags: economic crisis, furniture, furniture-makers, wood-processing, Stefan Ganev, Bulgarian Chamber of Wood-Processing and Furniture-Making Industry
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