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Vietnam`s wood exports are predicted to reach $7.6 billion

Vietnam`s wood exports are predicted to reach $7.6 billion
According to preliminary statistics from Vietnam Customs, from January 1 to December 15, the wood sector grossed more than 7.2 billion USD in export turnover, which is hoped to top 8.5 billion USD by the year`s end, including exports of furniture. In January-November, the US imported the most from Vietnam, with purchase turnover of more than 2.9 billion USD, up 17.6 percent, followed by China with 964.4 million USD, up 6.76 percent and Japan 929.3 million USD, up 5.14 percent.

Statistics from Japan Customs showed that in the first 10 months of 2017, the country imported 600,000 tonnes of timber furniture worth nearly 200 billion JPY (1.77 billion USD), representing year-on-year increases of 2.3 percent and 3.4 percent respectively. Vietnam`s timber furniture made up 22.3 percent of Japan`s total imports. Meanwhile, the market shares of China, Malaysia and the European Union (EU) declined. Wood exports to other markets such as the Republic of Korea (RoK), the UK, Australia and Canada exceeded 100 million USD in turnover.

Furthermore, as Vietnam and the EU concluded six years of negotiations for a Voluntary Partnership Agreement (VPA) on Forest Law Enforcement, Governance and Trade (FLEGT) in May 2017, the implementation of this deal will ensure all timber products shipped between the two sides, including those for domestic sales and exports, are legal. The signing of the VPA/FLEGT is an important event, which could create fundamental changes in the wood processing sector in Vietnam.

Article source:
January 17, 2018