Vietnam’s 2023 wood exports may reach $14.5 billion

However, the achievement is lower than the 2023 target of $17 billion, according to the Vice Chairman of the Handicraft and Wood Industry Association of Ho Chi Minh City.

Since the beginning of the year, the export of wood and wooden furniture has been experiencing a decline, with a shortage of orders common in most businesses. The export turnover from January to August 2023 reached $8.3 billion, down nearly 26% year on year. 

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

As reported by the International Trade Center, Vietnamese wood enterprises are also importing a substantial amount of machinery and equipment, with a total value of $240 million, mostly from China, Europe, Korea, Japan, and others.

In addition, the upcoming international events of the Vietnam Wood 2023 and Furnitec 2023 will be an opportunity for businesses to approach new technologies, equipment, and machinery in the woodworking industry.

Meanwhile, Vietnam Wood 2023 has attracted 320 exhibitors from 13 countries and territories, making it a comprehensive platform for the transformation and upgrading of Vietnam’s wood processing industry.

Source: VNA