AsemconnectVietnam - According to statistics from General Department of Customs, in the first 8 months of 2024, Vietnam's wood and wood product export turnover reached 10.24 billion USD, an increase of 20.6% over the same period last year.

Preliminary statistics from General Department of Customs also show that in August this year, Vietnam's forestry product export turnover is estimated at over 1.45 billion USD. In the first 8 months of 2024, forestry exports earned 10.97 billion USD, up 19.7% over the same period last year. Of which, wood and wood products exports alone reached 10.24 billion USD, up 20.6% over the same period last year.
In terms of export markets, the US, China and Japan are still the main markets. These markets have poured a large amount of money into purchasing wood and wood products from Vietnam in recent times.
Specifically, by the end of July this year, exports to the US are estimated at nearly 4.9 billion USD, up sharply by 26% over the same period last year. Accordingly, the US market accounts for 55% of total export turnover of this industry in our country.
Ranked second is the Chinese market, with a turnover of 1.2 billion USD, up 39.1% over the same period last year and accounting for 13.5% of the export turnover of wood and wood products of Vietnam. Exports to Japan increased slightly by 1.5%, reaching 961.3 million USD, accounting for 10.8%.
In fact, market is recovering positively and wood orders received by businesses are increasing. Export turnover target of 17.5 billion USD this year is expected to be achieved.
Mr. Trieu Van Luc - Deputy Director of Department of Forestry (Ministry of Agriculture and Rural Development) said that with positive recovery signals of the market, especially for some key export products, all increased such as wood chips (up nearly 38%), wood and wood products (up over 20%) compared to the same period in 2023. Cumulative value of wood and forest product exports and imports in the first 7 months of 2024 was many times higher than the same period in 2023. Notably, many of Vietnam's key export markets recorded high growth rates such as: The US market, export turnover reached 5.019 billion USD, up 24%; China reached 1.22 billion USD, up 37.92%; Europe (EU) reached 555 million USD, up 22.44%. Mr. Ngo Sy Hoai - General Secretary of Vietnam Timber and Forest Products Association - said that Vietnam's wood exporting enterprises are facing new challenges regarding international commitments such as complying with European regulations on anti-deforestation; accountability of the wood industry to fully implement international commitments under the Lacey Act (USA); or carbon border adjustment mechanism proposed by European Commission...
In addition, sea freight rates remain high and imported wood raw material prices have also increased sharply, putting pressure on businesses in this industry. Therefore, in remaining months of 2024, Vietnam's wood and wood product exports will still face many challenges.
Commenting on industry's export situation in the last months of the year, Mr. Luc said that orders, especially orders for wooden furniture, often increase sharply in the last months of the year, when housing market enters stage of completion and renovation, changing interiors to welcome the new year.
Mr. Do Xuan Lap - Chairman of the Vietnam Timber and Forest Products Association said that the US market, accounting for more than 54% of total export value of the Vietnamese wood industry, has witnessed many changes in trade policy. In addition, with the US not recognizing Vietnam as a market economy, exporting enterprises will continue to be discriminated against in anti-dumping investigations, putting great pressure on costs and profit margins.

Source: Vitic/ congthuong.vn