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In the first two months of 2024, exports of wood and wood products to the Canadian market increased sharply 

 Tuesday, March 26,2024

AsemconnectVietnam - Most items in the wooden furniture structure exported to the Canadian market will increase sharply in the first two months of 2024.

Canada increased imports of wooden furniture from Vietnam
According to statistics from the General Department of Customs, the export turnover of wood and wood products to the Canadian market in February 2024 reached 10.2 million USD, down 26% compared to February 2023. In the first 2 months of 2024, the export turnover of wood and wood products to the Canadian market reached 36 million USD, an increase of 47.4% over the same period in 2023.
Wooden furniture is always the main export item to the Canadian market. In January 2024, the export turnover of this item accounted for 86.2% of the total export turnover of wood and wooden products to the Canadian market, reached 22.3 million USD, an increase of 15.2% compared to December 2023 and an increase of 176% compared to January 2023.
Most items in the structure of wooden furniture exported to the Canadian market increased sharply in January 2024 compared to January 2023.
In addition to wooden furniture, a number of other products were also exported to the Canadian market in January 2024 such as: Wood, boards and flooring reached 2.6 million USD, an increase of 22.8% compared to January 2023; Next is fine art wood reaching 137 thousand USD, an increase of 294.9%; wooden doors reached 100 thousand USD, down 39.8%...
Canada's demand for imported wooden furniture will grow by an average of 3.1% in the period 2019 - 2023, according to statistics from Statistics Canada.
The highest import value will be in 2022. By 2023, due to the impact of inflation, Canada's imports of this product will decrease, reaching 2.3 billion USD, down 14.8% compared to 2022. As of January /2024, the import demand for this product has a more positive signal, reaching 191.6 million USD, an increase of 11.8% compared to January 2023.
Of these, China, the US, Vietnam and the EU are the four main wooden furniture supply markets for Canada, with a value accounting for 85.9% of the total import value, of which Canada increased imports from China and Vietnam but reduced imports from the US and EU.
Notes for Vietnamese businesses
Although Canada's demand for imported wooden furniture showed positive signs in January 2024, the Canadian economy still faces many difficulties with inflation still likely to increase again. , high interest rates, high consumer debt, tensions in the housing sector show no signs of 'cooling down'...
All of these factors make it difficult to be optimistic about the Canadian economy in 2024. The difficult economic situation will make consumer spending tighter, thereby making the ability to import goods, especially non-essential goods groups such as wooden furniture, unlikely to grow.
For the Canadian market, the opportunity to promote the export of Vietnamese wooden furniture to this market is still very positive, because Canada is the world's 4th largest wooden furniture import market after the EU, the US and the UK.
However, the import value from Vietnam is still low, so there is still a lot of room for Vietnamese exporters of this industry to exploit. Besides, the effective exploitation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will promote export goods to this market. In addition to enjoying CPTPP incentives, Vietnamese goods also enjoy incentives under MFN and GSP forms.
According to the Import-Export Department (Ministry of Industry and Trade), in the current context of many fluctuations in the world economy, diversifying export markets and opening new markets with plenty of room is the key lock to boost exports. Accordingly, not only does it stop at exploiting the potential market of Canada, but it can be considered a gateway market for Vietnamese wooden furniture products to access the North American market.
Although North America has a small population, about 40 million people, it is a fairly large import market and this is the potential for Vietnamese businesses to promote the export of wooden furniture in the near future.
Requirements for goods in the Canadian market are increasingly strict and many trade barriers are posing great challenges for Vietnamese export businesses. Canada is aiming to strengthen the implementation of many monitoring policies and tighten management of imported goods to protect the domestic market. It is expected that in the coming time, Canada will continue to consider and investigate many Vietnamese export products.
In recent times, a number of Vietnamese businesses have faced fraud when exporting goods to Canada. A common method of fraud is that some individuals access the business registration documents of large, highly reputable, reputable Canadian businesses, then use the names of these business owners to scam people, defrauding Vietnamese businesses, with main forms such as direct calls or via email, Whatsapp, viber.
Therefore, when exporting to this market, Vietnamese enterprises need to be extremely cautious and proactively follow and update market information to have a reasonable and effective export strategy and timely handling measures when problems arise.

Source: Vitic/ congthuong.vn
 

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