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Export of wood and wood products earned 3.4 billion USD in the first quarter of 2024 

 Monday, April 15,2024

AsemconnectVietnam - In the first 3 months of 2024, Vietnam's export of wood and wood products is estimated to reach 3.4 billion USD, an increase of 18.9% over the same period in 2023.

Import-Export Department (Ministry of Industry and Trade) cited preliminary statistics from General Department of Customs as saying that export value of wood and wood products in March 2024 is estimated to reach 1.12 billion USD, an increase of 46.3% compared to February 2024, but down 1.9% compared to March 2023. Of which, export value of wood products is estimated at 749 million USD, up 57.8% compared to February 2024, but down 3.9% compared to March 2023.
In the first 3 months of 2024, export of wood and wood products is estimated to reach 3.4 billion USD, an increase of 18.9% over the same period in 2023. Of which, export value of wood products is estimated to reach 2,3 billion USD, an increase of 22.9% over the same period in 2023.
Favorable start in the first months of the year with increased orders and wood industry enterprises accelerating production to keep up with export schedules has opened a positive signal and brought hope to Vietnam's wood industry in 2024. In particular, demand in major markets such as the United States, China, Canada, UK and markets in the EU... is recovering, bringing optimism to export wood industry of Vietnam.
In export market structure, the United States is always the largest destination for Vietnamese wood products. In the first two months of 2024, export value to the United States accounts for 53.2% of the total export turnover of wood and wood products, reaching 1.2 billion USD, an increase of 51.7% over the same period in 2023.
However, too much dependence on the US market increases risks for the wood industry. Therefore, diversifying export markets will reduce risks and enhance sustainability of wood industry. In addition, improving product design will also help attract more international customers.
In addition to the US market, wood and wood products are also exported to a number of other markets with high growth rates in the first 2 months of 2024, specifically: Exports to Chinese market reached 306.3 million USD, increase 25.3% over the same period in 2023; Next is the Canadian market reaching 36 million USD, an increase of 47.4%; UK reached 32.8 million USD, an increase of 35.2%; Netherlands reached 23.2 million USD, up 46.9%; France reached 22.1 million USD, up 26.7%...
Although the beginning of 2024 is quite optimistic, wood export enterprises are facing new difficulties. If tensions in the Red Sea continue, freight rates will increase.
In addition, wood industry also faces increased pressure from fierce competition, accompanied by risks related to commercial fraud and falsification of product origin information. In addition, international partners are increasingly placing higher requirements on wood traceability, sustainable production and carbon emission reduction.

L. Giang
Source: Vitic/ congthuong.vn
 

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