Truist Reports First Major Decline in Vinyl Imports Since 2015
Charlotte, NC, October 11, 2023-Truist released the following review of August import data.
“Vinyl Flooring Sees Notable Decrease In Imports; Heading For First Contraction Year Ever In Product-Imports saw a sizable decrease in August, down 35.2% y/y, following a more modest decline last month. Units from China, the largest source of material, were down 40.4% y/y, and South Korea declined 25.4% y/y, or down 16.5% year-to-date. This category has seen a growth surge since 2015, given the tremendous market share gain of LVT. While the rest of the flooring industry is also contracting, it is notable that LVT, (which as a product is doing somewhat better than average, in our view) is feeling the industry impacts.
“Ceramic Imports Shows Decline Across Geographies-Overall ceramic unit imports decreased 21.6% y/y, following mixed results earlier in the year, for units down 10.1% year-to-date. Mexico showed another notable decline, down 23.6% y/y, but down only 2.7% year-to-date."