AsemconnectVietnam - Vietnam’s exports of wood and wood products to the Indian market recorded strong growth in the first 8 months of 2023, reaching 64.9 million USD, an increase of 265.8% over the same period last year.

According to the statistics figures from the General Department of Customs, in August of 2023, the export value of wood and wood products reached 1.29 billion USD, an increase of 15.1% compared to July of 2023, but a decrease of 9.4% compared to August of 2022.
Of which, the export value of wood products reached 839.8 million USD, up by 12.4% compared to July of 2023, but down by 6.1% compared to August of 2022. Overall, in the first 8 months of 2023, the export value of wood and wood products reached 8.5 billion USD, down by 24.1% compared to the same period in 2022. Of which, the export value of wood products reached 5.7 billion USD, down by 27.1% over the same period of 2022.
The exports of wood and wood products to main markets were still in a downward trend, because export markets continued to face difficulties as inflation and recession in countries last a long time, severely affecting purchasing power. Therefore, the export value to major markets decreased significantly in the first 8 months of 2023.
The decline in traditional markets forces wood industry enterprises to look for new markets such as India, the Middle East, etc., therefore, the export value of wood and wood products to the Indian market recorded a rapid increase in the first 8 months of 2023, reaching 64.9 million USD, an increase of 265.8% over the same period of 2022.
According to information from the Vietnam Trade Office in the United Arab Emirates, furniture imports in countries belonging to the Gulf Cooperation Council (GCC) have a growth rate of more than 45%/year, while other countries in this area almost do not produce furniture. This is considered an opportunity for wooden furniture exporters to exploit in the near future.
According to annual practice, the demand for wood and wood products, especially the wooden furniture group, will tend to increase sharply at the end of the year, when the housing market is complete and the need to replace furniture is expected to increase to meet the holiday season.
Along with that, in the key export markets, such as the US and EU, the inventory is decreasing and the import demand is expected to increase, creating an opportunity for wood industry businesses to receive orders in the coming months.
CK
Source: VITIC/congthuong.vn