Wood exports to hit record of $18 billion in 2023
The export turnover of wood and wood products is expected to set a record high of $18 billion in 2023, with wood pellets and woodchips forecast to enter the one-billion USD club.
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According to two recent surveys, more foreign firms have begun or are contemplating shifting a section of their business from China to neighboring nations such as Vietnam and India, SCMP reported.
Textile, garment, and footwear had remarkable export turnovers of $44 billion and $27 billion, respectively, according to Vietnam Textile and Apparel Association (Vitas) and Vietnam Leather, Footwear and Handbag Association (Lefaso).
The overall trade value between Vietnam and India reach $15.05 billion in 2022, up 13.6% from 2021, according to the General Department of Vietnam Customs.
The export turnover of wood and wood products is expected to set a record high of $18 billion in 2023, with wood pellets and woodchips forecast to enter the one-billion USD club.
Analysts expect the central bank to bring Vietnam’s foreign exchange reserve back to the $100 billion this year after selling the U.S. dollar in the last few months to contain its surge.
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