Vietnam wood and wood product export earnings see 6% growth in first four months of 2020
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Vietnam’s coronavirus situation in control
After a week with no new corona cases Vietnam's government eased its 22-day social distancing requirement on 23 April allowing some businesses to reopen. Vietnam acted very fast when the virus outbreak was detected in China by closing the border, reported ITTO.
With only 288 confirmed corona cases and no deaths, Vietnam has shown control measures work. Experts on disease control say Vietnam’s success was due to three factors: its relatively young population (only 12% are over 60) effective testing and isolation and contact tracing.
In the first 4 months of 2020, wood and wood product (W&WP) exports earned US$3.2 billion, an increase of 6% compared to the same period last year. Of this, wood product exports (HS 94) accounted for about US$2.0 billion, while wood exports (HS 44) generated about US$1.2 billion.
However, in April 2020 W&WP export earnings were US$673 million, a decline of 31% compared to levels in March 2020 and -20% compared to April 2019.
Top export markets
US: Over the first 4 months of 2020, the US has topped the list of Vietnam’s W&WP export markets with the earning of US$1.56 billion, 48% of total W&WP export earnings, a year-on-year increase of 16%.
In April 2020, W&WP export to the US was reported at US$ 89.3 million showing a year-on-year decline of 22% and a decline of 38% compared to March 2020.
EU: At the end of April 2020, W&WP exports to EU earned US$257.8 million, down 19% compared to the same period of 2019. During April 2020, EU markets consumed just US$37.9 million, 49% less than that of March 2020 and 51% down compared to the same period of 2019.
China: In the first 4 months of 2020 the export of W&WP to China earned US$445.7 million, 14% over the same period of 2019. With the pandemic, W&WP exports during April 2020 were reported at US$107 million, down 16% compared to the same period of last year and down 30% against March.
Japan: W&WP exports between January and April 2020 earned US$401.9 million, an increase of 2% compared to the same period of 2019. Due to the impact of the pandemic, W&WP exports during April, 2020 accounted for US$85 million, 20% down compared to the same period of 2019 and 30% down against March 2020.
South Korea: In the first 4 months of 2020, W&WP shipped from Vietnam to South Korea earned US$276.9 million, 7% higher than the same period of 2019.