Wood exports increase again
According to the General Department of Customs' estimated data in October 2023, the export turnover of wood and wood products reached 1.2 billion USD, up 5.7% compared to September 2023, but down 0.9% compared to October 2022. Of which, the export turnover of wood products is estimated at 790 million USD, up 4% compared to September 2023 and up 0.3% compared to October 2022.
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| The export target of wood and wood products in 2023 is considered impossible to achieve. |
In the first 10 months of 2023, the export turnover of wood and wood products is estimated at 10.8 billion USD, down 19.9% over the same period in 2022. Of which, the export turnover of wood products is estimated at 7.3 billion USD, down 22.4% over the same period in 2022.
Since the beginning of 2023, the world situation has changed rapidly, with more challenges than expected, such as strategic competition between major countries, the conflict in Russia and Ukraine is still fierce, and recently the conflict in the Gaza Strip; global economic growth is slow. Import and export activities in many markets have narrowed.
Energy security, food security, and cyber security face many challenges; natural disasters and climate change have serious consequences. This has a direct impact on the export of goods to many markets, including Vietnam.
In the face of difficulties and challenges at home and abroad, Vietnam continues to be a bright spot in the global economy, as many key export industries continue to have positive growth rates.
In the structure of the country's export goods, wood is one of Vietnam's key export industries. However, due to the decrease in total demand due to the impact of inflation and tight monetary policy in many major wood consuming markets, the export turnover of this industry has continuously decreased since the beginning of 2023. Notably, in recent months, the export activities of the wood industry have shown a positive recovery trend.
Currently, many businesses in the wood industry have received orders again, serving the year-end furniture shopping season of the world market. Along with that, many US and European customers are facing difficulties in the Chinese market, so they are looking for other markets and new suppliers to replace them, mainly Vietnamese businesses.
Accordingly, many exported wood and wood products increased sharply again in September 2023, contributing to narrowing the decline in the first 9 months of 2023. Specifically, the export turnover of wooden frame chairs in September 2023 reached 229 million USD, an increase of 19.6% compared to September 2022. In the first 9 months of 2023, the export turnover of this item reached 2 billion USD, a decrease of 12.8% compared to the same period in 2022.
Next is wood chips reaching 206 million USD in September 2023, up 29.1% compared to September 2022; in the first 9 months of 2023, it reached 1.6 billion USD, down 16.5%. Export
Wood, boards and flooring reached 148 million USD in September 2023, up 38.2% compared to September 2022; in the first 9 months of 2023, it reached 1.3 billion USD, down 15%...
The wood industry still faces many difficulties.
Despite positive signs of recovery, the wood industry still faces many difficulties and its growth momentum is still hindered by the weak global economy and prolonged inflation amid serious risks. Global economic growth in 2023 is forecast to reach 2.7%, the lowest rate since the 2008 global financial crisis.
With many countries raising interest rates and taking measures to curb inflation, economic recovery and development will slow down, demand for the world economy will decrease, and demand for non-essential goods will decrease.
Therefore, the export target of 17 billion USD in 2023 cannot be achieved. It is expected that in the last 3 months of 2023, wood and wood product exports will reach about 4 billion USD, bringing the export turnover in 2023 to about 13.6 billion USD to 14 billion USD.
Mr. Nguyen Liem - Chairman of Binh Duong Wood Processing Association assessed: "If we take the export turnover of the first 6-7 months of the year, the target of increasing the export growth to 16-17 billion USD from now until the end of the year is difficult. I think the figure of 15 billion USD is more feasible. However, in the context of a difficult market in general, not only in the wood industry, this is still a number that needs to be recorded".
The potential for expanding the export of wood and wood products in the coming time is huge, because the world's wood and furniture market is worth up to 200 billion USD. Although Vietnam is in the Top 5 largest wood exporting countries in the world, it only exports over 16 billion USD/year.
Therefore, currently, wood industry enterprises are actively proposing many solutions to ensure the sustainable development of the wood industry such as: applying technology, proactively sourcing raw materials to contribute to improving product quality, reducing costs; finding ways to approach new markets, boosting exports...
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