Earning 9.5 billion USD, wood and wood products export grows spectacularly

According to the General Department of Customs, Vietnam's cumulative export turnover of wood and wood products from the beginning of 2024 to August 15th reached US$9.5 billion, an increase of 24% compared to the same period last year. Of this, wood products accounted for US$6.5 billion, representing 68% of the total and increasing by 23% compared to the same period last year.

With cumulative results up to August 15th, Vietnam's export turnover of wood and wood products has reached 67% of the annual plan set by the Ministry of Agriculture and Rural Development . In 2024, the Ministry aims to achieve $14.2 billion in exports of wood and wood products, a 6% increase compared to 2023.

Earning $9.5 billion, wood exports have seen spectacular growth. (Illustrative image)

Overall, the largest export markets all recorded positive growth compared to the same period last year. In particular, Vietnam's largest export market for wood and wood products, the US, saw a 25.9% increase in value compared to the same period, reaching US$4.88 billion in the first seven months of 2024.

China was the second largest market with $1.2 billion, a 39% increase year-on-year; followed by Japan with $961 million, a slight 1.4% increase year-on-year. Exports of wood and wood products to South Korea, however, decreased by 2.1% year-on-year, to $452 million.

In addition, Vietnam exported wood and wood products to Canada with a value of 133 million USD, an increase of 25% compared to the same period last year; and to the UK with a value of 124 million USD, an increase of 17.8% compared to the same period last year.

Besides the group of export markets exceeding $100 million, Vietnam also exported wood and wood products to Malaysia, earning $90.7 million, an increase of 12.8% compared to the same period last year. This is also the only ASEAN market to be in the Top 10 export markets for Vietnamese goods in the first 7 months of 2024.

Vietnam also exported wood and wood products to Australia with a value of 86 million USD, an increase of 14.6% compared to the same period last year; to India with 84.4 million USD, an increase of 65.8% compared to the same period last year; and to France with 63.7 million USD, an increase of 12.9% compared to the same period last year.

Among Vietnam's 40 main export markets for wood and wood products, Laos showed the highest growth rate, increasing by 150% year-on-year in export value. Conversely, Türkiye experienced the sharpest decline, falling by 75.8% year-on-year.

The outlook for the timber industry is generally positive. However, the industry's growth momentum still faces many obstacles and challenges, due to the complex and unpredictable impact of geopolitical competition among major countries; the issuance of new regulations and policies by export markets; the increasing trend of trade fraud and product origin misrepresentation; complex trade competition; and rising sea freight costs.

According to statistics from the General Department of Customs, Vietnam's exports of wood and wood products in July 2024 reached US$1.38 billion, an increase of 10.7% compared to June 2024 and a 23.2% increase compared to July 2023.

Overall, in the first seven months of 2024, exports of this product group reached nearly $8.89 billion, an increase of 23.5% compared to the same period in 2023. This makes wood and wood products the sixth largest export group in Vietnam in terms of value.

Vietnam's wood and wood products exports are primarily directed to the US market, which alone accounted for nearly 55% of the country's total export value for this product group in the first seven months of the year, reaching over US$4.88 billion, a 26% increase compared to the same period last year. In July 2024 alone, exports to this market reached US$814 million, a 33.6% increase compared to July 2023.

Coming in second is the Chinese market with $1.2 billion in trade, a 39% increase compared to the same period last year. In July alone, the country spent $159 million on purchases, a 7.6% decrease compared to the same period last year.

Japan is Vietnam's third-largest export market, reaching $961 million, a 1.5% increase compared to the first seven months of 2023. In July, Vietnam earned $163 million, a 24% increase compared to the same period last year.

In addition, Vietnam's exports to potential markets such as Canada, Australia, Spain, and Poland have also seen good growth.

Source: https://congthuong.vn/thu-ve-95-ty-usd-xuat-kha-u-go-va-san-pham-go-tang-truo-ng-ngoan-muc-341259.html