It is expected that Vietnam’s timber exports will experience a recovery in July and August 2023.
According to the Handicrafts and Wood Industry Association (HAWA) in Ho Chi Minh City, some local enterprises have recently received additional export orders and reached over 50% of their production capacity. With the rebound in export orders, it is expected that there will be a significant increase in export orders in July and August, and Vietnam’s wood processing industry is expected to achieve an annual export revenue target of over 17 billion US dollars.
Since the beginning of the year, the export market of Vietnamese timber and wooden furniture enterprises has continued the weak state in the second half of 2022, with export orders decreasing by 50-60%, including orders destined for the US market decreasing by 50-55%; Orders destined for the European Union have also decreased by 60%. From January to April this year, Vietnam’s exports of wood and wood products decreased by 28.5% year-on-year, reaching only 4 billion US dollars.
Although overall export orders have decreased, according to statistical data, from January to April this year, the export of wood and wood products from Vietnam to China increased by 85.7% year-on-year, and the proportion of white wax sawn wood still ranks first, with a year-on-year increase of 110%, totaling 34219m ³， And from a trend perspective, there is still room for growth in Vietnamese wood and wood products exported to China.
Nguyen Chanh Phuong, Vice Chairman of HAWA, stated that foreign importers, especially timber merchants from EU countries, are paying more attention to the quality, delivery time, green certification requirements, and prices of Vietnamese wood products this year.
If, as predicted, Vietnam will experience a recovery in exports this year in July and August, timber traders should prepare in advance. China is still one of the main markets in Vietnam, so even if Vietnam orders increase, the impact on the Chinese market will not be too significant.
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