Americans addicted to Vietnamese wooden furniture

Export of wood and wood products reached 14.4 billion USD after 10 months and recorded a historical record trade surplus of 11.7 billion USD. In which, exports to the US alone after 9 months reached 6.8 billion USD.

Information from the Ministry of Agriculture and Rural Development, by the end of October this year, the total import-export turnover of the agricultural sector reached 82.1 billion USD, up 10.2% over the same period last year. In which, exports were over 44.9 billion USD, up 14.1%; imports were about 37.2 billion USD, up 5.8%.

In the first ten months of 2022, the agricultural sector had a trade surplus of US$7.7 billion, up 83.7%.

Statistics show that, in the 10 months of 2022, the agricultural industry has 8 commodity groups with export turnover of over 2 billion USD, including coffee, rubber, rice, vegetables, cashew, shrimp, pangasius, products wood products. In which, most of the product groups and products are in surplus.

, Americans addicted to Vietnamese wooden furniture

, Americans addicted to Vietnamese wooden furniture

Wood and wood products are the commodity groups with the highest export turnover of the agricultural industry (Photo: Quynh Huong)

Particularly, the export of wood and wood products reached 14.4 billion USD, up 10.7%. This group of goods recorded a historical record trade surplus of 11.7 billion USD, the highest in the agricultural sector.

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Notably, wood pellets in this group of products this year have an export turnover of 542.3 million USD, 81% over the same period in 2021. Currently, Vietnam has become the second-largest exporter of pellets in the world.

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In 9 months of this year, the US is still the main customer, reaching 6.8 billion USD (accounting for 55.5% of the total export value of this product group, with the total value of 9 months reaching 12.3 billion USD). Following are China, Japan, and South Korea, accounting for 10.1%, 9.3% and 5.9% market share respectively.

Currently, wood exports to many markets have slowed down, but industry experts forecast that in the fourth quarter of 2022, the monthly turnover can still reach 1.5 billion USD. It is forecasted that for the whole year, this group of products will earn USD 16.9 billion, up 14% compared to the previous year.

This is quite contrary to the previous concern of wood industry enterprises. In a survey report, conducted by the Vietnam Timber and Forest Products Association, published in September, more than 80% of the 52 enterprises participating in the survey forecast that their revenue in 2022 will decrease compared to 2021.

Specifically, 19 enterprises are forecasted to have a revenue decrease of less than 30%; 13 enterprises forecast a decrease of 30-50% and 10 enterprises forecast a decrease of over 50%. Only 3 businesses forecast revenue to increase 10-20% this year compared to 2021. The rest, 7 businesses forecast revenue unchanged.

@ Vietnamnet

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