According to preliminary statistics from the General Department of Customs, in March 2024, Vietnam’s export turnover of wood and wood products is estimated to reach 1.12 billion USD, up 46.3% compared to February.
In the first three months of 2024, the export turnover of wood and wood products of our country reached more than 3.5 billion USD, an increase of more than 25% compared to the same period last year.
According to the assessment of the Import and Export Department (Ministry of Industry and Trade), the wood industry had a favorable start in the first months of 2024, with an increase in orders. This opened up a positive signal, at the same time creating expectations for Vietnam’s wood industry in 2024. On the other hand, the demand for wood and wood products in major markets such as the US, China, Canada, and the UK is showing signs of recovery, bringing optimism to the Vietnamese wood industry.
The attraction of Vietnamese wood in many markets in the world
Many wood products from Vietnam are favored by many markets in the world. Illustrative photo
At the international fair held in Binh Dinh province in March, a representative of the Ministry of Industry and Trade said that processing and exporting wood products is becoming an important and key economic sector of Vietnam. In detail, Vietnam’s wood industry has average export turnover of over 10 billion USD, making our country the world’s 5th largest exporter of wood and wood products, the second in Asia and the leading in Southeast Asia. Currently, there are more than 140 countries and territories ordering wooden furniture from Vietnam.
In the export market structure, the US has always been considered the largest market for Vietnamese wood products. Accordingly, in the first two months of 2024 alone, the export value to the US accounted for 53.2% of the total export turnover of wood and wood products, reaching 1.2 billion USD, an increase of 51.7% compared to the same period last year. In the first three months of 2024, the export value of wood and wood products to the US reached nearly 1.9 billion USD.
Currently, although the export situation of wood to the US is positive, being too dependent on this market can increase the risks for Vietnam’s wood export industry. Therefore, according to the Import and Export Department, diversifying export markets will help minimize risks and increase the sustainability of the wood industry.
In fact, the Trade Defense Department (Ministry of Industry and Trade) recently said that it has received information that the US Department of Commerce (DOC) is extending the anti-dumping tax evasion investigation on wooden cabinets imported from Vietnam.
According to the DOC, the regulations on the origin of raw wood in the US are becoming increasingly stringent. Meanwhile, the DOC is also amending and supplementing 22 contents related to some regulations in the investigation of anti-dumping and subsidies.
In the first three months of 2024, the export turnover of wood and wood products of our country reached more than 3.5 billion USD. Illustrative photo
In 2024, our country’s wood industry has an export target of approximately 17.5 billion USD. Thus, an average of nearly 4.4 billion USD needs to be sold to foreign markets each quarter. The US market still has a lot of potential, especially in the field of interior design for apartments and tourism projects. In addition, other major markets such as China, Canada, and the UK are also increasing their import of wood and wood products from Vietnam.
According to experts, although the signals in early 2024 are quite optimistic, according to the Import and Export Department, Vietnam’s wood exporting enterprises are facing new difficulties. This is because if the Red Sea tensions continue, freight rates will increase.
Moreover, our country’s wood industry is also facing increasing pressure from fierce competition in the market along with many risks related to commercial fraud and counterfeiting of product information. On the other hand, in order to meet the increasingly high requirements of international partners on wood traceability, sustainable production, and reducing carbon emissions, businesses must also change and be more proactive in the production process.
Minh Hằng
