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Timber and wood exports bring in more than 7 billion USD after 5 months

10/06/2022

The export value of timber and wood products in May reached USD 1.55 billion, an increase of nearly 8% compared to May 2021. Since the beginning of the year, this is the third consecutive month that the export of this item has reached over USD 1 billion/month.

The Import-Export Department (Ministry of Industry and Trade) estimates that the export value of timber and wood products in May 2022 reached USD 1.55 billion, an increase of nearly 8% compared to May 2021. This is the third consecutive month that the export of timber and wood products has reached over USD 1 billion/month and increased over the same period.

Accumulated over the first five months of 2022, the export value of timber and wood products is estimated at nearly USD 7.2 billion, an increase of nearly 7% over the same period in 2021.

Thus, compared to the export target of USD 18 billion this year, the industry has fulfilled 40% of the plan.

In the structure of timber and wood products exported in May 2022, the export value of wood products is estimated at more than USD 1 billion USD, decreased by nearly 9% compared to May 2021. Accumulated over the first five months of 2022, the export of wood products reached USD 5.2 billion, a slight increase compared to the same period in 2021.

Regarding the structure of export products, in the first four months of 2022, wooden furniture exports accounted for 67.8% of the total export value of timber and wood products, decreased by 2.4 percentage points over the same period in 2022.

According to the Import-Export Department, the decrease in export proportion is due to the decrease in exports of main products with a high proportion such as wooden frame chairs, living room and dining room furniture.

Notably, in the structure of wooden furniture, kitchen furniture recorded a high growth rate in the first four months of 2022, reaching nearly USD 448 million, an increase of 53.5% over the same period in 2021. However, the export proportion of this product is low, therefore it cannot offset the decrease from the main products, accounting for only 8% of the total export value of timber and wood products, accounting for 11.8% of the total export value of wooden furniture.

Export value grew well in the first 4 months of 2022 with the contribution of commodity groups such as: wood, planks and flooring, wood chips, wooden doors, and fine art furniture with high export value. In which, exported wood, boards and flooring reached more than USD 700 million, an increase of 26.5% over the same period in 2021; wood chips reached nearly USD 678 million, an increase of 7.2%; wooden doors reached USD 16.7 million, an increase of 28.7%, etc.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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