AsemconnectVietnam - By the end of the third quarter of 2023, Vietnam’s exports of wood and wood products were estimated to reach 9.7 billion USD, down by 21.3% compared to the same period of 2022. The export market is still waiting for signs of recovery.

The Import-Export Department (under the Ministry of Industry and Trade) cited data from the General Department of Customs as saying that it is estimated that in September of 2023, the export value of wood and wood products reached 1.2 billion USD, down by 7% compared to the previous month, but up by 6.7% compared to September of 2022. Of which, the export value of wood products was estimated at 785 million USD, down by 6.6% compared to August of 2023, but up by 5.1% compared to September of 2022.
Overall, in the first 9 months of 2023, Vietnam's export value of wood and wood products was estimated to reach 9.7 billion USD, down by 21.3% over the same period of 2022. Of which, the export value of wood products was estimated to reach 6.5 billion USD, down by 24.3% over the same period of 2022.
In the structure of wood and wood products exported in the first 9 months of 2023, wooden furniture was the main export item, down by nearly 30% over the same period of 2022, accounting for nearly 60% of total export value. The exports of most products in the structure of wooden furniture products tends to decrease sharply.
In addition to wooden furniture exported in the first 9 months of 2023, there were also a number of other exported products such as wood chips; wood, boards and flooring; Wood pellets, wooden doors, etc, the export value of these products also decreased due to weak global demand.
The Import-Export Department also commented that the outlook for exporting wood and wood products is forecast to be more positive in the last months of the year, thanks to the usual increase in market demand, when the housing market is complete and the demand is high. Home furniture repair and replacement increase to welcome the new year.
Regarding the US market, it is said that in addition to the large absorption level, furniture exported from Vietnam to this market currently has tariff advantages. Free trade agreements also create conditions for Vietnam to export furniture to other potential markets such as Europe, Asia, the Middle East... Therefore, the development potential of the furniture industry is high.
CK
Source: VITIC/congthuong.vn