Vietnam's $17 billion timber and wood products export target for 2023 threatens to be missed
Data showed that Vietnam's exports of wood and wood products totaled 1.2 billion USD in October, up 5.7% sequentially and down 0.9% year-on-year. Of this, exports of wood products are expected to reach revenues of $790 million, up 0.4 from a year earlier and 0.3 percent year-on-year.
In terms of imports, in October this year, Vietnam's imports of timber and wood products were valued at US$180 million, down 5 percent from a year earlier and down 19 percent year-on-year, which is a slightly larger drop. As of the first 10 months of the year, imports of timber and wood products amounted to US$1.786 billion, down 31% year-on-year.
In terms of log and sawn timber imports, in October 2023, Vietnam's log and sawn timber imports totaled 424,500 cubic meters, up 8% sequentially and down 14% year-on-year, while the value of imports reached $135 million, up 8% sequentially and down 24% year-on-year.
In October 2023, Vietnam's non-timber forest product exports were estimated to reach US$60 million, up 14% YoY, with total non-timber forest product exports in the first 10 months reaching US$598.69 million, down 14% YoY.
Although in the first 10 months, Vietnam's exports of wood products fell 22% year-on-year, but 6% growth in October, showing some sign of export recovery. However, for Vietnam, the wood processing industry is still facing many problems this year amid the global economic downturn and weak demand for wood and wood products in the international market.
Under these circumstances, it is more difficult to realize Vietnam's previously set export target of US$17 billion by 2023. However, industry sources said it might be able to increase by $4 billion to reach the target of $13.6 billion to $14 billion for the rest of this year.
Translated with DeepL.com (free version)
