Wood product export shows signs of gradual recovery
The export value of wood and wood products was estimated at nearly 1.1 billion USD in July, bringing the total export earnings of the industry in the first seven months of this year to 7.1 billion USD, down 25% year on year, according to data of the Ministry of Agriculture and Rural Development.
The export value of wood and wood products was estimated at nearly 1.1 billion USD in July (Photo: VNA)
Hanoi (VNA) – The export value of wood and woodproducts was estimated at nearly 1.1 billion USD in July, 🏅bringing the totalexport earnings of the industry in the first seven months of this year to 7.1billion USD, down 25% year on year, according to data of the Ministry ofAgriculture and Rural Development.
A survey of the Handicraft and Wood IndustryAssociation of Ho Chi Minh City showed that orders that the industryreceived dropped by an average 30% in the recent past, but more orders returnedin July ahead of the year-end shopping season. Chairman of Global Integration Business Consultants (GIBC) Pham Phu Ngoc Traiheld that the reduction in orders of the wood industry is only temporary. The rise to over 1 billion USD in July export revenue after a steep decline for quite some timeis a sign that the industry is seeing gradual recovery. Insiders said that as the US economy begins to stabilise and construction needsbegin to rise again in the second half of the year, the consumption of woodproducts is likely to improve. The wood processing industry in Vietnam has maintained adouble-digit growth of 15.4% for many years, placing the country in the topfive biggest furniture exporters in the world.
The wood and forest product industry set thegoal for export value of 17.5 billion USD this year, a slight increase over2022, which was at 17.1 billion USD, which could be challenging as globalconsumption demand declines./.
The index of industrial production in the first half of 2023 grew by only 0.44% year-on-year due to decreasing orders, falling demand and rising input costs.
The Republic of Korea (RoK) and Japan have become the biggest importers of Vietnamese wood pellets, accounting for over 95% of Vietnam’s total export of this product, reported the Vietnam Timber and Forest Product Association.
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The export value of wood and wood products was estimated at nearly 1.1 billion USD in July (Photo: VNA) 
