Vietnam's timber exports continue to grow
According to the General Administration of Customs of Vietnam, the export value of timber and wooden products is expected to reach over 6 billion US dollars in the first five months of 2024, an increase of 18% compared to the same period in 2023. It is expected that the export value of products will exceed 4 billion US dollars in 2023, with a year-on-year increase of 7.5%.
In terms of timber trade with China, the total export volume reached 65800 cubic meters, a year-on-year increase of 28%, the trade volume reached 28.99 million US dollars, a year-on-year increase of 24%, and the average import price was 440 US dollars per cubic meter, a decrease of 3%.
Vietnamese wood industry companies have stated that consumption in major markets has recovered, and there is expected to be an immediate opportunity to accelerate exports in the second quarter and throughout 2024.
Ngo Sy Hoai, Vice President of the Vietnam Forestry and Wood Products Association (Viforest), stated at the seminar that Vietnam currently exports timber to five major markets including the United States, China, Japan, South Korea, and the European Union. The US market accounts for nearly 40% of Vietnam's total timber exports.
Hoai still stated that the Vietnamese timber industry maintains a good growth momentum. Vietnam currently ranks fifth in the world in terms of total exports of timber and wooden products. Vietnam also ranks second in the world in terms of export value of high value-added furniture products, including indoor and outdoor furniture (second only to China).
