Promising start to the year for wood exports

Positive signs for Vietnam’s wood industry

According to the latest data from the General Department of Customs, in January the total export value of wood and wooden products stood at just over $1.5 billion, a 14.3 per cent jump on-year.

Along with March and June last year, this is the third time the sector’s monthly export turnover has exceeded the $1.5 billion mark.

As a result, wood and wood products have made it into a shortlist of export items with a turnover surpassing $1 billion in the first month of the year and are in the top three of goods with double-digit growth, ranking second after textiles and garments.

In 2021, the industry continued to rank sixth, bringing in $14.8 billion in total export value, up 19.7 per cent on-year.

Of this, wooden products netted $11 billion, up 16.1 per cent, accounting for 74 per cent of the sector’s total export value.

Foreign-invested enterprises contributed $7.5 billion in export value, an increase of 22.2 per cent compared to 2020. This was slightly higher than the growth level of the industry in general and equal to 50.4 per cent of the sector’s total export value.

The total import value of wood materials reached $2.9 billion in 2021, an increase of 14.5 per cent. China continued to be the largest supplier of wood and wood products to Vietnam with $1 trillion in import value, an increase of 20.2 per cent on-year, making up for 35.4 per cent of Vietnam’s total.

In 2021, the US market showed the highest growth rate among Vietnam's wooden furniture exports, at $8.7 billion, up 22.4 per cent compared to the previous year, accounting for 59.2 per cent of the country’s total export value.

The next positions belonged to the Asian markets of China, Japan, and South Korea. China topped this list, up 24.7 per cent compared to 2020, reaching $1.5 billion. Japan accounted for $1.4 billion, up 11 per cent on-year, and South Korea recorded an 8.5 per cent rise to nearly $890 million.

The global economy is expected to gain momentum in 2022, increasing foreign investment flow. This would be instrumental for Vietnam's wood industry exports, which could surpass 20 per cent growth in 2022.