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Export of wood and wood products to the US increased sharply

In the first 8 months of 2019, the US continued to affirm its position as Vietnam’s largest export market for wood and wood products, reaching US $ 3.18 billion, up 33.0% over the same period in 2018.

The Import and Export Department (Ministry of Industry and Trade), citing statistics from the General Department of Customs, said that exports of wood and wooden products in August 2019 reached US $ 935.17 million, up 8.2% over the previous month. and increased by 17.5% over the same period in 2018. Of which, wood product exports reached US $ 671.13 million, up 5.8% over the previous month and up 21% over the same period in 2018.

In the first 8 months of 2019, exports of wood and wood products reached US $ 6.61 billion, up 16.7% over the same period in 2018. Of which, wood product exports reached US $ 4.7 billion, up 19.2% over the same period in 2018.

In the first 8 months of 2019, exports of wood and wood products to the US, Japan, UK, Germany and Taiwan markets increased positively over the same period in 2018, while exports to China increased slowly and exports to South Korea and Australia fell sharply.

With a growth rate of 33.0% over the same period in 2018, in the first 8 months of 2019, the US continued to affirm its position as Vietnam’s largest export market of timber and wood products, reaching US $ 3.18 billion; Export of wood and wood products to Japan also increased by 20.4% over the same period in 2018, reaching US $ 872.88 million.

In the context of declining global trade, the trend of trade protectionism is increasing, and Vietnam’s export of timber and timber products still grows optimally. This shows that, taking advantage of opportunities from the new generation of free trade agreements has brought positive results for the timber industry in recent years.

Besides, the US-China trade tension also brought advantages to the timber industry. The internal resources of Vietnamese wood processing enterprises have been greatly improved. Enterprises are changing the thinking of large production management according to the professional chain model. Enterprises invest in technology quite quickly in the direction of improving productivity and reducing labor intensive. With the advantages, it is forecasted that the wood industry will continue to grow positively in the last months of 2019.

Demand for importing wood and wood products in major export markets such as the US, Japan, UK, Canada, Germany and Taiwan continues to increase. In particular, the US is the market with the strongest growth rate, the import tax rate from the Chinese market has increased the retail price of Chinese wooden furniture in the US. Therefore, US retailers have to seek supply from countries not subject to import tax increase such as Vietnam, Indonesia, India … to US $ 114 billion, this is a potential market for Vietnam’s wood and wood products industry.

Quynh Anh

According to the economic life

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