In March 2023, Vietnam’s exports of wood and wood products increased by 36.3% month on month
April 6, 2023 Source:
According to statistics from the General Administration of Customs of Vietnam, in March 2023, the export value of wood and wooden products reached 1.2 billion US dollars, an increase of 36.3% month on month and a decrease of 22.8% year on year. Among them, the export value of wooden products reached approximately 823 million US dollars, an increase of 47.7% month on month; A year-on-year decrease of 30%.
In the first three months of this year, the export value of wood and wooden products reached 2.88 billion US dollars, a year-on-year decrease of 28.3%. Among them, the export value of wood and wooden products reached about 1.87 billion US dollars, a year-on-year decrease of 38.5%.
Analysts believe that in 2023, the outlook for the wood and wood products industry remains relatively sluggish due to low demand in the US and EU markets. However, in 2024, due to the decrease in home purchase loan interest rates and the improvement in supply sources in the United States (Vietnam’s timber and wood products * * export market), timber and wood product production companies will recover.
In 2022, the United States and China are the main export markets for Vietnamese wood and wood products. In 2022, 80% of Vietnam’s exports to China came from raw wood (HS 44), with a total of over 20 products, mainly wood chips. At present, the enterprises exporting sawdust to China are mainly small unlisted companies.
Ruan Guoqing, chairman of Ho Chi Minh wood processing and Handicrafts Association and chairman of AA Construction Co., Ltd., believes that there is still no correct prediction of orders for wooden furniture, but there is still much room in this market. The global market size for wood and wood products can reach 200 billion US dollars.
Although Vietnam ranks among the world’s top 5 wooden furniture exporting countries, its annual export volume only exceeds 16 billion US dollars. In addition, in recent times, Vietnam has mainly exported to traditional markets such as the United States, the European Union, South Korea, and Japan, while other potential markets have not yet been explored.
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