In the first two months of the year, Vietnam's timber and furniture exports plummeted by 34%!
The latest news, 2023 January and February, Vietnamese timber and wood products exports fell 34.8% .
According to the Ministry of Industry and Trade, Vietnam exported lumber and wood products in January and February to 1.6 billion U.S. dollars, down 34.8 percent compared to last year.
In 2020, Vietnam replaced China as the largest furniture exporter to the United States. By the end of 2021, China has regained the top spot, albeit by a small margin. The two countries are now in close competition.
In March 2022, the Vietnamese government announced a target of US$20 billion in annual exports of timber and wood products by 2025. The plan details how Vietnam will substantially expand and upgrade its wood processing industry by 2023. Some of these include large investments in technology, the construction of the International Furniture Fair and the reorganization of its production areas.
Vietnam's main timber markets include the US, Japan, Korea, Western Europe and China.
