The Ministry of Industry and Trade’s Import-Export Department cited preliminary statistics from the General Department of Customs as saying that export value of wood and wood products in March 2024 is estimated at 1.12 billion USD, an increase of 46.3% against February 2024, but down 1.9% against March 2023. Of which, exports of wood products are valued at 749 million USD, up 57.8% against February 2024, but down 3.9% against March 2023.
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| Exports of wood and wood products earned 3.4 billion USD in the first quarter of 2024. (Photo: congthuong.vn) |
In the first 3 months of 2024, exports of wood and wood products are estimated at 3.4 billion USD, up 18.9% over the same period in 2023. Of which, export value of wood products is estimated at 2.3 billion USD, up 22.9% over the same period in 2023.
The favorable start in the first months of the year, with orders increasing and accelerating, has opened a positive signal for wood producers to keep up with export schedules and brought high expectations for Vietnam's wood industry in 2024. In particular, demand in major markets such as the United States, China, Canada, the UK and markets in the EU is recovering, bringing optimism to Vietnam’s wood producers.
In the export market structure, the United States is always the largest destination for Vietnamese wood products. In the first two months of 2024, the export value to the United States accounted for 53.2% of Vietnam’s total export turnover of wood and wood products, valued at 1.2 billion USD, up 51.7% over the same period in 2023.
However, dependence on the US market increased risks for the wood industry. Therefore, diversifying export markets will reduce risks and enhance the sustainability of the 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, such as: China with 306.3 million USD (up 25.3%); Canada 36 million USD (up 47.4%); the UK 32.8 million USD (up 35.2%); the Netherlands 23.2 million USD (up 46.9%) and France 22.1 million USD (up 26.7%)./.