According to information given by the Import-Export Department under the Ministry of Industry and Trade, Vietnamese export value of wood and wood products hit US$1.25 billion in June alone, up by 13.6% compared to June, 2023. Of the figure, the export value of wood products fetched an estimated US$840 million, up 10.4% compared to last June.
According to data compiled by the Department of Forestry under the Ministry of Agriculture and Rural Development, the first half of the year saw wood and forest exports bring in US$7.95 billion, an increase of 21.2% over the same period from last year, thereby fulfilling 52.3% of the entire year's plan. In addition, several major markets saw an upsurge, such as the United States with US$4.38 billion, up 27.6% on-year; and China with more US$1billion, a rise of 46.6% on-year.
Discussing the wood export market, Ngo Sy Hoai, vice president and General Secretary of the Vietnam Timber and Forest Product Association (VIFOREST), said the US remains the largest import market for Vietnamese wood and forestry products.
Increased demand occurring in many major export markets can be viewed as the main factor driving positive growth in export activities of wood and wood products throughout the reviewed period.
In terms of the structure of exported wood and wood products, wooden furniture is always the main export item with a high export value. In the first five months of the year alone, the export value of this product reached US$3.8 billion, up 25.8% on-year.
According to analysis carried out by the Import-Export Department, with the current growth rate, the export prospect of wood and wood products is forecast to continue to maintain a double-digit growth rate with supporting factors such as the trend of increasing imports of wood and wood products. This can be seen in wooden furniture groups in major markets that often increase sharply in the last three months of the year when demand for interior equipment to welcome the new year is higher.
Inflation is controlled in major markets, thereby creating greater motivation for increased consumption activities. In addition, major economies are anticipated to record positive growth this year.
