Vietnam’s timber industry grew by 6.2 per cent in the first seven months of the year.
Vietnam's export value of wooden furniture was estimated at $4.4 billion, up 8.5 per cent in the first seven months of this year. — Photo vietnambiz.vn
The Ministry of Industry and Trade’s Import and Export Department said the value of the wood industry rose to around US$6.1 billion, the majority coming from the export of wooden furniture which accounted for $4.4 billion, up 8.5 per cent year-on-year.
The department credited the growth in June and July on the lifting of social distancing measures in countries were wood is exported to.
In addition, strong stimulus packages in many European countries boosted consumption.
Export value reached $1.05 billion in July, up 20.7 per cent compared to last year and $946.9 million in June, up 15.6 per cent.
In June products were exported to the US (up by 43.1 per cent to $ 590.9 million), China (15.6 per cent to $88.3 million), Canada (19.5 per cent to $18.8 million) and Australia (28.8 per cent to $15.3 million).
In the first six months of this year, the five major markets of the Vietnamese timber and wooden products included the US, China, Japan, South Korea and the EU.
However, according to the Import and Export Department, there are still tough times ahead as coronavirus remains a threat in key export markets.
With the very complicated and unpredictable situation caused by the pandemic, Vietnam could not achieve the export target of timber and wooden products for this year, Nguyen Chanh Phuong, Vice President and General Secretary of the HCM City Association of Handicraft and Wood Industry (Hawa) told the Nông nghiệp (Agriculture) newspaper.
Vietnam has set export value target of timber and wooden products at $12 billion for 2020. VNS
The wood industry needs a fundamental change in export product lines and markets after the COVID-19 pandemic ends, an official has said.
Vietnam’s wood exports are predicted to reach US$12 billion during the course of 2020 following the wood processing industry’s great success during 2019, according to the Ministry of Industry and Trade.