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| Processing wooden furniture for export. Illustration photo: NT |
The Import-Export Department (Ministry of Industry and Trade) cited preliminary statistics from the General Department of Customs as saying that the export value of wood and wood products in March 2024 is estimated to reach USD 1.12 billion, an increase of 46.3%, compared to February 2024, but down 1.9% compared to March 2023. Of which, the export value of wood products is estimated at USD 749 million, up 57.8% compared to February 2024, but down 3.9% compared to March 2023.
In the first 3 months of 2024, the export of wood and wood products is estimated to reach USD 3.4 billion, an increase of 18.9% over the same period in 2023. Of which, the export value of wood products is estimated to reach USD 2,3 billion, an increase of 22.9% over the same period in 2023.
According to assessments, the favorable start in the first months of the year with increased orders and wood industry enterprises speeding up production to keep up with export schedules has opened a positive signal and brought expectations Vietnam’s wood industry in 2024. In particular, demand in major markets such as the United States, China, Canada, UK and markets in the EU… is recovering, bringing optimism to Vietnam’s wood exports.
In the export market structure, the United States is always the largest destination for Vietnamese wood products. In the first two months of 2024 alone, the export value to the United States accounts for 53.2% of the total export turnover of wood and wood products, reaching USD 1.2 billion, an increase of 51.7% over the same period in 2023.
However, the Import-Export Department also analyzed that too much dependence on the US market increases risks for the wood industry. Therefore, diversifying export markets will reduce risks and enhance the sustainability of the wood industry. In addition, improving product design and design will also help attract more international customers.
In addition to the US market, wood and wood products are also exported to a number of other markets with high growth rates in the first 2 months of 2024, specifically; exports to the Chinese market reached USD 306.3 million, increase 25.3% over the same period in 2023; followed by the Canadian market reaching USD 36 million, an increase of 47.4%; UK reached USD 32.8 million, an increase of 35.2%; Netherlands reached USD 23.2 million, up 46.9%; France reached USD 22.1 million, up 26.7%…
Although the beginning of 2024 is quite optimistic, the Import-Export Department believes that wood export businesses are facing new difficulties. If tensions in the Red Sea continue, freight rates will increase. In addition, the wood industry also faces increased pressure from fierce competition, accompanied by risks related to commercial fraud and falsification of product origin information. In addition, international partners are increasingly placing higher requirements on wood traceability, sustainable production and carbon emission reduction.
Analyzing the Chinese market, according to the Import-Export Department, there is a lot of potential in this market because of the advantage in transportation costs. In the first 2 months of 2024 alone, China reduced imports of wooden furniture from the two largest supply markets, Italy and Germany, but increased imports of this item from Southeast Asian markets. Of which, imports from Vietnam reached USD 7.4 million, an increase of 18.6% over the same period in 2023; followed by the Thai market reaching USD 3.1 million, an increase of 24.5%; Indonesia reached USD 1.5 million, up 5%…
Notably, Vietnam’s export of goods and wooden furniture has many opportunities to promote into the Chinese market, especially in the context of rising shipping costs; many businesses Chinese industries are looking for imported supplies in neighboring areas to replace supplies from distant markets with higher transportation costs. In addition, the proportion of Chinese imports of wooden furniture from Vietnam tends to increase in early 2024.
Deputy Minister of Agriculture and Rural Development Nguyen Quoc Tri said that in 2024; although there are still many difficulties and challenges, the outlook for the wood industry has shown positive signs. The Ministry of Agriculture and Rural Development estimates that the export value of wood and forest products will reach over USD 15 billion, an increase of 6% compared to 2023.