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Export of timber and wood products reached nearly USD 10 billion over 7 months

08/08/2022

In the first month of the third quarter, the export value of timber and wood products grew positively when bringing in about USD 1.35 billion, bringing the total export value of 7 months to USD 9.7 billion.

According to the Import-Export Department (Ministry of Industry and Trade), as a rule, in the second half of the year, the export of timber and wood products is usually higher than at the beginning of the year due to the high demand for interior finishing, repair and renovation at the end of the year in many main export markets.

In the first month of the third quarter, the export value of timber and wood products grew more positively. Specifically, statistics from the General Department of Customs estimated that the export value of timber and wood products in July reached USD 1.35 billion, increased by 0.2% compared to July 2021. In which, the export value of wood products is estimated at USD 1.05 billion, increased by 0.5% over the same period.

Accumulated over the first 7 months of 2022, the export of timber and wood products is estimated at USD 9.7 billion, increased by 1.4% over the same period in 2021. In which, the export of wood products reached USD 7.1 billion, decreased by nearly 5% over the same period in 2021.

However, the sharp increase in inflation in the main export markets of Vietnam's timber and wood products, i.e. the US and EU countries, has made people in these countries tend to tighten their spending, especially for non-essential goods, leading to a decrease in the demand for imported timber and wood products.

Along with that, the military conflict between Russia and Ukraine shows no sign of ending, pushing up gasoline prices in the first half of the year and showing no signs of stopping. Therefore, the costs of enterprises may continue to increase, affecting the selling price and competitiveness of products.

The Import and Export Department forecasts that the export of the wood industry in the second half of the year will still face many challenges and it will be difficult to complete the export target of USD 16.5 billion in 2022.

 

Kylie Nguyen

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