In the first eight months of 2020, Vietnam earned US$7.83 billion from the export of forestry products, reports VietnamPlus. This amount is a 10.3% year-on-year (y-o-y) increase and accounts for 29.9% of the agricultural sector’s total export turnover.
According to the Ministry of Agriculture and Rural Development’s Vietnam Administration of Forestry, the export value of wood and wooden products in the same period was US$7.32 billion, a 9.6% y-o-y increase. The export of non-timber forestry products surged 21.6% to reach US$511 million.
The United States, Japan, China, the EU and the Republic of Korea remained key importers of Vietnamese forestry products in the eight-month period, with a total value of US$7 billion, or 89.5% of the country’s forestry export value.
The sector’s import value fell 9.3%, resulting in a trade surplus of US$6.31 billion in the period.
The Voluntary Partnership Agreement on Forest Law Enforcement, Governance, and Trade between Vietnam and the EU, which took effect on 1 June 2019, has helped raise the competitiveness of Vietnamese wood and furniture in the EU.
According to Do Xuan Lap, Chairman of the Vietnam Timber and Forest Product Association, exports of forestry products are predicted to rise 20% to US$12.5 billion this year.