According to the Department of Forestry ( Ministry of Agriculture and Rural Development ), with an average export value of wood and forest products reaching nearly 1.4 billion USD/month, the export turnover of wood and forest products in the first 9 months of 2024 is estimated at 12.15 billion USD, an increase of 17.2% over the same period in 2023.
Of which, wood products reached 7.84 billion USD, up 20.7% over the same period in 2023; raw wood 3.533 billion USD, up 13.1% over the same period in 2023; non-timber forest products 777 million USD, up 3.9% over the same period in 2023.
Notably, in the first 8 months of 2024, wooden furniture was the main export item in the structure of wood and wood products exported to the UK market, accounting for 91.5% of the total export value.
Statistics from the General Department of Customs show that the export value of wood and wood products to the UK market in August 2024 reached 20.8 million USD, an increase of 18.6% compared to August 2023. In the first 8 months of 2024, the export value of wood and wood products to the UK market reached 145.7 million USD, an increase of 18% compared to the same period in 2023.
In addition, there are a number of other items also exported to the UK market but the value only accounts for a small proportion such as wood, boards and flooring; wooden doors, wooden art furniture, mirror frames, etc.
According to the Import-Export Department, wooden furniture is a product that brings added value to the wood industry, so boosting the export of this product to the UK will contribute to promoting good growth in the wood industry in 2024.
In the world market, the UK is among the top 5 largest wooden furniture importing markets in the world, so there are many opportunities to boost exports of this item to the UK.
In addition, after the UKVFTA comes into effect, many wood products will have a 0% tax rate within 5 years, which also brings positive opportunities for Vietnam's wood industry.
However, according to the Import-Export Department, the challenge of bringing Vietnamese goods to this market is quite large in the context of weak international trade, slowing global economic growth and escalating geopolitical conflicts. Demand in the UK market is decreasing due to high inflation and people are tightening their spending due to concerns about high living costs and an unstable economic situation.
In addition, the UK market requires high quality and competitive prices. Laws on deforestation and forest degradation will also affect the export of wood products. Requirements for green certification and fair trade are increasingly popular and applied to businesses exporting goods and services, forcing businesses to invest more, increasing costs and product prices. The conflict in the Red Sea has pushed up freight rates and lengthened shipping times, and the sharp increase in container prices is an obstacle for Vietnamese export businesses.
To boost exports to the UK market and effectively take advantage of the benefits of the UKVFTA, according to the Import-Export Department, businesses need to grasp the regulations on new market standards and consumer trends to improve technology, product quality and design; Invest in and use modern digital marketing tools and means to enhance product promotion; Actively participate in international fairs and exhibitions in the UK.
According to statistics from the General Department of Customs, the import-export turnover of Vietnam and the UK in the first 8 months of 2024 has grown positively. The total turnover in the first 8 months reached nearly 5.6 billion USD, an increase of 20.6%. Of which, Vietnam's exports reached more than 5.05 billion USD, an increase of 23.5%. Imports reached 521 million USD, a slight decrease of 2%. The trade surplus reached 4.5 billion USD. With the above export turnover, the UK is currently Vietnam's 3rd largest export market in Europe, after the Netherlands and Germany.
In 2023, the total import-export turnover between Vietnam and the UK reached more than 7.1 billion USD, up 4.5%. Of which, Vietnam's exports reached more than 6.3 billion USD, up 4.6%, and imports reached 795.5 million USD, up 3.2%. The UK market is one of the few rare markets with two-way trade figures increasing in the context of a sharp decline in Vietnam's import-export with other countries and territories in 2023. Specifically, Vietnam's import-export turnover with the world decreased by 6.9%, of which a decrease of 4.6% in the European market and a decrease of 5.8% for countries in the EU.
Source: https://moit.gov.vn/tin-tuc/thi-truong-nuoc-ngoai/day-manh-xuat-khau-do-noi-that-bang-go-sang-anh.html
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