Orders flourish, wood and wood products export earns nearly 8.89 billion USD

According to preliminary statistics from the General Department of Customs, Vietnam's wood and wood product exports in July 2024 reached 1.38 billion USD, up 10.7% compared to June 2024 and up 23.2% compared to July 2023.

In the first 7 months of 2024, the total export value of this group of goods reached nearly 8.89 billion USD, an increase of 23.5% over the same period in 2023. This helps wood and wood products have the 6th largest value among Vietnam's export groups.

The flourishing export orders have helped wood and wood products export activities earn 8.89 billion USD after the first 7 months of 2024. Illustrative photo

Vietnam's wood and wood products are mainly exported to the US market, which alone accounts for nearly 55% of the country's total export turnover of this group of products in the first 7 months of the year, reaching over 4.88 billion USD, up 26% over the same period last year. In July 2024 alone, exports to this market reached 814 million USD, up 33.6% over July 2023.

Coming in second is the Chinese market with 1.2 billion USD in turnover, up 39% year-on-year. In July alone, this country spent 159 million USD on purchases, down 7.6% year-on-year.

Japan is Vietnam's third largest export market, reaching 961 million USD, up 1.5% compared to the first 7 months of 2023. In July, Vietnam earned 163 million USD, up 24% over the same period last year.

Besides, exports to potential markets also grew well such as: Canada, Australia, Spain, Poland.

According to the Vietnam Timber and Forest Products Association (Vifores), Vietnam's wood industry currently ranks fifth in the world in terms of total export turnover. In addition, if only considering high value-added wood products, such as indoor and outdoor furniture, Vietnam's wood export industry ranks second in the world, after China.

The Import-Export Department (Ministry of Industry and Trade) stated that 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: according to the annual cycle, the increasing trend of wood and wood product imports, especially wooden furniture groups in major markets often increases sharply in the last 3 months of the year, when the housing market enters completion and the need to purchase and renovate interior equipment to welcome the new year.

Factors supporting this potential outlook are that according to the annual cycle, imports of wood and wood products tend to increase, especially wooden furniture in major markets, which often increases sharply in the last 3 months of the year. This is also the time when the housing market enters completion as well as the need to renovate and purchase interior equipment to welcome the new year.

In 2024, the forestry sector sets a target of exporting wood and wood products of our country to reach 17.5 billion USD . If this target is achieved, the export turnover of this item will increase by 21% compared to 2023.

Source: https://congthuong.vn/don-hang-khoi-sac-xuat-khau-go-va-san-pham-go-thu-ve-gan-889-ty-usd-340025.html