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ECONOMYTRADE - SERVICE

Wood exports turnover at US$2.6 billion

Updated at Monday, 07 May 2018, 18:13
The Hanoitimes - Vietnam`s woods and wooden products export turnover in April are estimated at US$680 million, taking the total figure in the first four months at US$2.6 billion, up 9% year on year.
Specifically, wooden furniture in living and dining rooms witnessed the highest growth rate among others at US$401.1 million in the first quarter, up 7.9% year on year, said the General Department of Vietnam Customs (GDVC).
 
​Wood exports turnover stood at US$2.6 billion in the first four months.
​Wood exports turnover stood at US$2.6 billion in the first four months.
Wooden furniture in bedroom stood at US$371 million, increasing 2.6% compared to the same period of last year. 

In 2018, it is expected that woods and wooden products export will continue growing, forecasted the MoIT, thanks to the growing world economy and high demands from European and American countries for importing wooden furniture. 

Notably, Vietnam's wooden products have set a foothold in the Korean market with a growing market share. Under bilateral and multilateral free trade agreements signed with Korea, Vietnam's woods and wooden products export turnover are expected to continue its positive growing in the coming time. 

The export turnover for woods and wooden products in 2017 are reported at US$7.66 billion, increasing 12% compared to 2016, in which wooden products accounted for 74.5% of export turnover or US$5.71 billion. 

The US currently is the main market for Vietnam's wood and wooden products, contributing 43% of total export turnover at US$3.27 billion, up 15.7% compared to last year. 

Additionally, export growth rate in other traditional markets of Vietnam has been growing, such as China at US$1.07 billion, up 5%; Japan at US$1.02 billion, up 4.4%; Korea at US$665.24 million, up 15.9%. 

Export turnover from this four main markets alone accounted for 76% of Vietnam's export turnover in 2017. 

Vietnam is the world's fifth largest exporter of wood and wooden products with a market share of 6%. The country is also the largest exporter of those products among ASEAN member nations and the second largest in Asia.

The export value of the products is expected to reach US$8.5 billion this year and US$10 billion by 2020.
Nguyen Tung
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