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 15 reached 9.5 billion USD, up 24% over the same period last year, of which wood products reached 6.5 billion USD, accounting for 68% of the proportion and up 23% over the same period last year.

With the cumulative results up to August 15, Vietnam's wood and wood product export turnover has completed 67% of the annual plan set by the Ministry of Agriculture and Rural Development. In 2024, the Ministry aims to reach 14.2 billion USD in wood and wood product exports, an increase of 6% compared to 2023.

Earning 9.5 billion USD, wood export grew spectacularly. Illustrative photo

In general, the largest export markets all recorded positive growth compared to the same period last year. In particular, the largest export market for wood and wood products of Vietnam, the US, increased by 25.9% in turnover compared to the same period, reaching 4.88 billion USD in the first 7 months of 2024.

China was the second largest market with 1.2 billion USD, up 39% year-on-year; followed by Japan with 961 million USD, up slightly 1.4% year-on-year. Wood and wood products exported to South Korea decreased 2.1% year-on-year to 452 million USD.

In addition, Vietnam also exported wood and wood products to Canada with a turnover of 133 million USD, up 25% over the same period last year; to the UK reached 124 million USD, up 17.8% over the same period last year.

In addition to the export market group reaching over 100 million USD, Vietnam also exported wood and wood products to Malaysia, earning 90.7 million USD, up 12.8% over the same period last year. This is also the only market in the ASEAN bloc in the Top 10 export markets of Vietnamese goods in the first 7 months of 2024.

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

Among the 40 main export markets for wood and wood products of Vietnam, Laos is the market with the highest growth rate with an increase of 150% compared to the same period last year in turnover. In contrast, Türkiye had the deepest decrease with a decrease of 75.8% compared to the same period last year.

The outlook for the wood industry is generally positive. However, the growth momentum of the wood industry still faces many obstacles and challenges, due to the impact of geopolitical competition between major countries that is complex and unpredictable; export markets issuing many new regulations and policies; trade fraud and fake origin of goods tend to increase; trade competition is complicated; sea freight rates are high...

Also according to 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.

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% over the same period. In July alone, this country spent 159 million USD on purchases, down 7.6% over the same period.

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

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