Vietnam posts nearly US$5 billion worth of wood exports in seven months

Thursday, 2018-08-02 12:46:07
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Vinanet forecast that Vietnam's exports of wood and wooden products will increase by 13%-15% in the second half of 2018 (illustrative image)
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NDO - The export revenue of wood and wooden products was estimated at US$4.8 billion in the first seven months of this year, an increase of 11.6% compared to the same period in 2017, the Ministry of Agriculture and Rural Development has announced.

According to the Vietnam Industry and Trade Information Centre (Vinanet), FDI firms reported over US$1.78 billion worth of export revenue from wood and wooden products in the first six months of this year, up 4.8% over the same period last year and equivalent to 43.2% of the total export revenue of wood and wooden products.

The US, China, Japan and the Republic of Korea (RoK) were the largest wood importers of Vietnam in the first half of this year, accounting for 78.5% of the total export value of wood and wooden products.

During the six-month period, Vietnam earned US$1.6 billion from the exports of wood and wooden products to the US, an annual increase of 12.48%, which also occupied 41% of the total export revenue of wood and wooden products.

China came in second with export revenues of US$555.6 million, accounting for 13.4% of Vietnam's total export revenue, a slight rise of 0.02% over the same period last year.

Meanwhile, the markets that witnessed sharp increases in the export value included Malaysia (2.1 times higher), RoK (up 52.8%), France (up 24.8%), the US (up 12.5%), and Australia (up 14.8%).

However, the exports of wood and wooden products to Hong Kong (China) and Austria fell sharply in the first half of 2018, down 44.68% and 35.56% respectively.

Vinanet forecast that Vietnam's exports of wood and wooden products will increase by 13%-15% in the second half of 2018 due to an improved real estate market and increasing demand for the repair and replacement of furniture in the remaining months of the year.