Preliminary statistics from the General Department of Customs show that in January 2024, the US spent 821 million USD on purchasing wood and wood products from Vietnam. Compared to the same period last year, the value of wood exports to the US increased by a staggering 123.7%.
The US’s aggressive spending on wood and wood products is an important factor in transforming this industry from negative growth to positive growth. The US is currently a major customer, accounting for nearly 56% of the total export turnover of the forestry industry in January.
Last year, wood and wood product exports to the US reached 7.3 billion USD, a 15.6% decrease compared to 2022.
According to experts in the industry, the recent sharp reduction in inventory in the US is the clearest signal that consumer demand is recovering. US buyers still identify Vietnam as an important source of supply, as the US wants to diversify its supply chain and reduce dependence on supply from China.
Wood exports to the US have increased significantly. Photo: TTXVN. |
Vietnam also has the opportunity to discuss with the US about the possibility of applying preferential tariff schemes for exported goods to the US, including wood and wood products.
With these positive signals, the prospects for wood and wood product exports to the US are expected to be more promising in 2024.
However, the shipping fees to the US have increased to 4,000 USD/container, causing difficulties and pressure for wood export businesses in terms of input costs and disrupting delivery schedules.
In addition, the implementation of carbon border adjustment mechanisms in key export markets for the Vietnamese wood industry such as the EU, US, Japan, etc., requires businesses to shift towards green production to adapt.
Recently, the Ministry of Agriculture and Rural Development has issued a plan for “Developing large-scale planted forests for wood production in the period of 2024-2030”. Accordingly, by 2030, the total area of large-scale planted forests for wood production is expected to reach about 1 million hectares, of which the existing area of large-scale planted forests is 500,000 ha and the newly developed area from 2024 to 2030 is about 450,000-550,000 ha.
The Ministry of Agriculture and Rural Development stated that the purpose of developing large-scale planted forests is to proactively provide wood raw materials for processing, domestic consumption, and export, increase income for forest growers, contribute to protecting the ecological environment, adapting to climate change, and reducing natural disasters.
In addition, the development of large-scale planted forests contributes to building a sustainable image for the Vietnamese wood industry, based on the fundamental factors of using certified wood and low-emission products, and adapting to the regulations of export markets.
Tam An
