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Vietnam’s exports of wood products plummeted by 4.6% in the first half of the year

Vietnam’s exports of wood products plummeted by 4.6% in the first half of the year

Vietnam’s “business daily” reported on July 12 that on July 12, 2022, Vietnam’s Deputy Prime Minister Li Wencheng signed resolution 809 / QD tTG on Approving the sustainable forestry development plan for the period 2021-2025.

The plan aims to protect and sustainably develop the entire existing and newly built forest areas during 2021-2025; It helps to keep the national forest coverage rate of Vietnam stable at about 42%; Continuously improve forest productivity and quality, meet the supply requirements of production and consumption raw materials, protect and protect the environment, conserve biodiversity, minimize the negative impact of natural disasters, and enhance the ability to adapt to climate change.

The growth rate of forestry output value is 5.0-5.5% per year. By 2025, the export volume of wood and non wood forest products will reach about US $20billion, of which the export volume of non wood forest products will reach more than US $1.5 billion, and the export proportion of wood products deep processing and high value-added forest products will further increase. Make contributions to creating employment opportunities and increasing income for people participating in forest protection and development activities. By 2025, the income of artificially produced forests will increase by an average of 1.5 times / unit area over 2020.

Citing the report of Vietnam News Agency on July 12, Vietnam’s Ministry of industry and Trade said that due to the impact of high inflation in the export market, Vietnam’s total exports of wood and wood products decreased. In the first half of the year, Vietnam’s exports of wood products plummeted by 4.6%.

According to the data of Vietnam General Administration of customs, in June, Vietnam’s timber and wood products exports fell by 4.9% year-on-year, reaching only $1.5 billion. Among them, timber exports are estimated to exceed US $1.03 billion, a year-on-year decrease of 18.1%.

In the first six months of 2022, Vietnam’s exports of wood and wood products increased by 2.8% year-on-year, reaching US $8.5 billion (about 57.16 billion yuan). However, the export volume of wood products plummeted by 4.6% year-on-year, reaching US $6billion (about 40.3 billion yuan).

It is understood that Vietnam exports mainly wooden furniture and is the largest supplier of wooden furniture to the United States. However, due to the slowdown in global demand, especially in the U.S. market, the export volume of wood products decreased.

Nguyen CHANH Phuong, vice president of the Ho Chi Minh handicraft and Wood Industry Association (Hawa), said that the U.S. market accounted for 60% of Vietnam’s timber and wood products export value. Wooden furniture exported from Vietnam to the U.S. market is mainly products with low prices. He said: “the high inflation rate in the United States has reduced the expenditure of low-income groups, which has a great impact on Vietnam’s wood products exports.”

Not only the United States, the European Union, South Korea and other major export markets have also experienced inflation, making consumers reduce their demand for non necessities such as wood products. These factors led to a sharp decline in the export value of wood products in the first half of this year.

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