According to the General Department of Customs, in 2022, wood chip export turnover increased sharply with the export volume reaching more than 15.8 million tons, equivalent to nearly 2.8 billion USD. However, in 2023, wood chip export turnover decreased significantly compared to 2022, with the export volume reaching only more than 14.4 million tons (down 8.8%), the value reaching more than 2.2 billion USD (down 20.4%).
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| China is Vietnam's largest wood chip export market (photo by Nguyen Hanh) |
Compared to the period of strong price increases in 2022, the average export price of wood chips in 2023 decreased by more than 20 USD to 153.8 USD/ton (down 12.7% compared to 2022). In contrast to the record increase in 2022, wood chip prices fell sharply from 183 USD/ton to only approximately 141 USD/ton in the first half of 2023. Since May 2023, the export price of wood chips has fluctuated only in the range of 140-150 USD/ton.
Vietnam exported wood chips to 13 markets in 2023. China, Japan and South Korea are the three main wood chip export markets of Vietnam, of which China is the largest wood chip export market of Vietnam.
In 2023, Vietnam exported over 9.38 million tons of wood chips to the Chinese market, reaching over 1.43 billion USD, accounting for 65.1% in volume and 64.7% in value. In the Chinese market, the average wood chip export price decreased from 183-185 USD/ton at the beginning of 2023 to below 140 USD/ton in the middle of the year and increased slightly in the last months of the year but was still below 150 USD/ton, down about 35 USD/ton during the year.
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Proportion of weight (left) and value (right) of wood chips exported in 2023 by market (Source: Data from the General Department of Customs, calculated by the Research Group of Timber Associations and Forest Trends) |
Coming in second place is the Japanese market. Wood chip exports to this market in 2024 will reach 3.98 million tons with a value of 610.43 million USD, accounting for 27.3% in volume and 27.5% in value.
For the Japanese market, the price of wood chips will decrease by up to 36 USD/ton in 2023. Specifically, the average price of wood chips exported to this market in January 2023 reached 181 USD/ton but decreased to only 145 USD/ton in December 2023.
Wood chip exports to the Korean market reached 548.59 thousand tons, worth 91.88 million USD, accounting for 3.8% in volume and 4.1% in value. Similar to the Japanese and Chinese markets, export prices to the Korean market decreased by 27 USD/ton in 2023 with strong fluctuations during the year.
January 2023 recorded an average export price to this market of 200 USD/ton, but the price continuously decreased after that to the bottom of 136 USD/ton, but increased again to 172 USD/ton in the last months of the year.
For the Taiwanese market, both total volume and total turnover decreased severely (down 37.7% in volume and 41.5% in value compared to 2022).
The Vietnam Timber and Forest Products Association believes that the demand for wood chip imports in the Chinese market will continue to decline in the coming time, leading to a decrease in the export price of wood chips in this market. In general, the export market structure of wood chips will not have significant fluctuations in the coming time.
However, the wood chip industry will continue to compete with the pellet industry for raw materials, especially in the northern provinces, as plantation wood is the main input for both industries in this region. Therefore, businesses and management agencies need to consider investing in building raw material sources to ensure a stable supply for production and export.
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