Wood export likely to hit $14.5B in 2023

By VNA September 14, 2023 | 02:38 am PT

Workers handle plywood on conveyor belts in the central province of Quang Binh. Photo by Shutterstock/Loner Nguyen

Vietnam’s wood export is likely to hit about $14.5 billion this year, lower than the yearly target of $17 billion, said Vice Chairman of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA) Nguyen Chanh Phuong.

Between now and the year’s end, the figure could reach roughly $6 billion.

Since early this year, the export of wood and wooden furniture has been dull, with a shortage of orders common in most businesses. In the past eight months, the export turnover neared $8.3 billion, down around 26% annually, Phuong told a local press conference on September 13.

Since May this year, the Vietnamese firms have been importing a significant amount of raw wood materials which rise by 5-10% per month. This is a sign that they are actively preparing for end-of-year orders, he added.

Citing data from the International Trade Centre (ITC), Phuong revealed that the Vietnamese wood enterprises are also importing a substantial amount of machinery and equipment, totaling approximately $240 million, mostly from China, Europe, the Republic of Korea and Japan, among others.