Vietnamese wood sector exceeds expectations for export target

Photo: Pickawood/Unsplash

Earlier predictions in 2021 had expected Vietnam’s wood and wood product exports to hit less than US$14.5 billion due to the COVID-19 pandemic. However, after resuming production in October 2021, the sector’s export revenue is now expected to reach $14.72bn by year-end.

The overseas shipment in November 2021 alone hit $1.27bn, up 2.5% year-on-year, according to data from the Ministry of Industry and Trade’s Agency of Foreign Trade.

In fact, between January and November, Vietnam exported $7.93bn worth of wood and wood products to the US, recording a 24.6% increase, according to statistics from the General Department of Vietnam Customs. Shipments to China and Japan during the same period reached $1.36bn and $1.28bn respectively, representing a 26.6% and 11.2% increase against 2020.

The recovery was due to support from the government and agencies, particularly the Ministry of Agriculture and Rural Development, while wood processing enterprises strove to hit targets and meet increasing demand from the international markets. According to Vietnam Plus, as of 2021, Vietnam is currently the world’s second biggest exporter of timber and wooden products.

Source: Vietnam Plus