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Wood exports continue growing

( Update: 30/10/2014 )

Vietnam ranks sixth in the world and second in Asia for furniture exports

(VEN) - According to the Ministry of Industry and Trade, in the first nine months of this year, export turnover of wood and wood products reached US$4.44 billion, an increase of 14.4 percent compared to the same period last year. Thanks to cheap prices and good quality, Vietnam’s wood and wood products have affirmed the attractiveness in the global market.

The US, a main importer

Export turnover of wood and wood products continued increasing in the first nine months of this year and the US remained the largest importer. According to General Department of Vietnam Customs, export turnover of Vietnam’s wood and wood products to the US reached US$199.7 million in August alone with main items of cabinets, chairs, beds and tables. In the first eight months of this year, this figure stood at about US$1.4 billion, an increase of 14.41 percent compared to the same period last year, accounting for 35.8 percent of total export turnover of Vietnam’s wood and wood products. Vietnam has remained the second largest wood exporter to the US after China so far.

In order to boost exports, while maintaining Vietnamese wood brand in the US, in recent times, the Ministry of Industry and Trade has organized many trade promotion programs. At the International Home Furnishings Center (IHFC-the US), the Ministry of Industry and Trade opened pavilions with the participation of the Ho Chi Minh City Handicraft & Wood Industry Association (HAWA), the Binh Duong Furniture Association and 11 other furniture companies. The opening of pavilions was a part of trade promotion programs in order to build the brand and promote exports to the US market.

Towards the goal of US$6.5 billion

In addition to the US, Vietnam’s wood and wood products have also been available in Japan, China, the Republic of Korea, the UK and Canada. According to statistics, Vietnam ranked sixth, second and first in the world, Asia and Southeast Asia in terms of wood exports. In general, in the first eight months of this year, export turnover of Vietnam’s wood and wood products continued increasing in almost all markets, recording the highest growth of 66.45 percent in Turkey.

Export turnover of Vietnam’s wood and wood products to Japan in the first eight months of this year reached US$633.3 million, an increase of 23.71 percent compared to the same period last year.

Although ranking third in terms of export turnover, this figure to China just reached US$571.4 million in the first eight months of this year, a drop of 1.69 percent compared to the same period last year.

Thanks to cheap prices and good quality, Vietnam’s wood and wood products have affirmed the attractiveness in the global market. According to the Ministry of Industry and Trade’s forecasts, export turnover of wood and wood products would reach US$6.5 billion this year.

In a context where a number of free trade agreements are due to be signed, Vietnam’s wood and wood products would record higher growth in the coming time./.

By Lan Phuong

http://ven.vn/