Vietnam’s wood and wood product exports achieved 19.5% growth in 2019
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According to Vietnam’s Customs, in 2019 the total value of wood and wood product exports from 2,392 enterprises (Vietnamese-owned and FDI enterprises) amounted to US$10.647 billion (19.5% higher than what was achieved in 2018) lifting the wood and wood product export rank to 6th amongst Vietnamese export commodities, reported ITTO.
(Wood defined as HS4401 – 4418. Wood Products defined as HS9401 – 9421).
Of the total, wood product exports accounted for US$7.783 billion (23.5% higher than 2018) and contributed a 74% share of the total value of wood and wood product exports. With the current trend, wood and wood product exports are expected to grow at between 17– 20% in 2020.
Wood and wood product exports by FDI enterprises
In 2019 the value of wood and wood products exported by 612 FDI enterprises amounted to US$4.71 billion, a 42% of the total value wood and wood product exports from Vietnam (up 20% on 2018). Wood product exports by FDI enterprises were reported at US$4.34 billion or over 90% of the total value of wood and wood product exports by FDI enterprises.
In 2019, the US continued as the top market for Vietnam’s wood and wood product exports at US$5.33 billion, a share of around 50% of all wood and wood product exports. The growth in the market year on year was over 37%. Japan was the second largest market accounting for 12% of 2019 exports followed by China 11% and S. Korea 7%. In contrast to the growth in the markets mentioned above there were declines in exports to South Korea, Australia and Malaysia dropped.
Wood and wood product imports and exports
Wood and wood product imports by Vietnamese-owned and FDI enterprises in 2019 were valued at US$2.542 billion (10% up on 2018). In 2019 the value of wood and wood products imported by FDI enterprises was reported at US$775 million equivalent to 31% of total wood and wood product imports and 16% up on 2018). In 2019 China continued as the leading wood and wood product supplier to Vietnam with shipments being worth US$656 million (equivalent 26% of all wood and wood product imports into Vietnam in 2019 followed by the US at 13%. Wood and wood product imports to Vietnam from Malaysia and Laos dropped sharply in 2019 (-69% Malaysia and -27% Laos compared to 2018).