Manufacturer Wooden in Vietnam became the "king" of this industry when ranked 2nd in Asia and 5th in the world

Vietnam's Manufacturer Wooden and wood-related product exports demonstrated a noteworthy surge in October, exceeding 1.28 billion USD, with a substantial 12.9% increase from the previous month. However, the cumulative export turnover for the first 10 months of the year witnessed a decline of 19.3% compared to the same period in 2022, reaching 10.9 billion USD.

Manufacturer Wooden in Vietnam owns "making money" that the US and China are racing to buy: Earning nearly 11 billion USD in the first 10 months of the year, our country is the 5th "boss" in the world

According to preliminary statistics from the General Department of Customs, Vietnam's Manufacturer Wooden and wood product exports in October exceeded 1.28 billion USD, marking a significant increase of 12.9% compared to the previous month. Overall, in the first 10 months of the year, the total export turnover of wood and wood-related products reached 10.9 billion USD, reflecting a decline of 19.3% compared to the same period in 2022.

In terms of markets, the United States continues to be the largest importing country. In the first 10 months of the year, the U.S. spent 5.87 billion USD importing this category of goods from Vietnam, experiencing a 21.6% decrease compared to the same period. The United States consistently remains one of the largest export markets for Vietnam overall and the wood industry in particular. In 2022, wood and wood product exports to this market reached 8.67 billion USD.

Especially for wooden products such as Wooden boxes products, Wooden Packaging, wooden souvenirs, kitchenware, household utensils, driftwood products, bonsai woods and pet, bird products from coffee wood; Other customized products are also sought after by many wholesalers in the US market because of the very good tax price and quality of wood in Vietnam. This leads to factories competing more to get potential customers.

Overview of the situation of Manufacturer Wooden turnover in the world

China ranks second with 1.41 billion USD in the first 10 months of the year, experiencing a 23% decrease compared to the same period in 2022. Japan stands as the third-largest market for Vietnam's wood industry. As of the end of October, the country has spent 1.38 billion USD importing wood from Vietnam, showing a 10.3% decline compared to the same period.

According to the Vietnam Timber and Forest Product Association, over the past decade, the export growth of the wood and forest product industry has consistently achieved two-digit figures annually.

The export turnover ranks fifth among export sectors (following phones, electronic components, machinery and equipment, footwear, textiles); exporting to 140 countries and territories, holding the first position in Southeast Asia, second in Asia (after China), and fifth globally (China, Germany, Poland, Italy). The average trade surplus value ranges from 8-10 billion USD each year.

General economic situation of Manufacturer Wooden in Vietnam in the international market

For the United States, which is the main market for Vietnam's wood industry, the economic downturn in 2023 has led American consumers to tighten their spending, resulting in a significant reduction in the import of most wooden furniture items from the U.S. Vietnam is the largest supplier of wooden furniture to the U.S.

The Ministry of Industry and Trade stated that wooden frame chairs, living room and dining room furniture, and bedroom furniture are the strong products that Vietnam exports to the U.S. The share of imports of these items from Vietnam to the U.S. is quite substantial, indicating that Vietnam's furniture products have been meeting the demands of American consumers.

Despite the challenges faced in 2022 due to the Russia-Ukraine conflict, Vietnam's export turnover of wood and wood products still reached 15.67 billion USD, showing a 10.9% increase compared to 2021. Moving into 2023, the Vietnamese wood industry is encountering difficulties due to high inflation. Simultaneously, consumers are tightening their budgets, reducing non-essential purchases, including products made from wood.

In 2023, the Forestry Administration (Ministry of Agriculture and Rural Development) aims for a growth rate of 5-5.5% in the value of forestry production and an export turnover of forestry products reaching 17.5 billion USD, a 3.5% increase compared to 2022.

Despite challenges in 2022 and economic downturns in 2023, efforts are being made to sustain growth, with the Forestry Administration targeting a 5-5.5% increase in the value of forestry production and a 3.5% rise in export turnover for 2023, showcasing resilience and adaptability in the face of changing market dynamics and economic conditions.