Vietnamese wood exports surge in Q1

March alone witnessed wood exports surge by 46.3% to US$1.12 billion compared to February, but down 1.9% compared to March 2023.

With a rise in export orders during the opening months of the year, there is a positive outlook ahead for the wood industry this year.

Especially, the demand for wood products in the United States, China, Canada, the UK, and markets in the EU has rebounded, thereby opening up bright export prospects to these markets moving forward.

With regard to the export market structure, the US represents the largest importer of Vietnamese wood products. During the two-month period, timber exports to the US made up 53.2% of the total export turnover, reaching US$1.2 billion and representing an increase of 51.7% against the same period from last year.

Along with the US market, strong export growth was recorded in a number of other markets, including China with turnover reaching US$306.3 million, up 25.3%; Canada with US$36 million, up 47.4%; the UK with US$32.8 million, up 35.2%; the Netherlands with US$23.2 million, up 46.9%; and France with US$22.1 million, up 26.7%.

Despite optimistic signs, wood export businesses are facing new difficulties due to escalating tensions occurring in the Red Sea coupled with rising freight rates. Moreover, the wood industry also faces fierce competition from other rivals and risks of trade fraud.

Especially, international partners have been increasingly placing higher requirements on wood traceability, sustainable production, and carbon emission reduction.

Experts pointed out that heavy reliance on the US market has increased risks for the wood industry, noting that local firms are advised to diversify export markets in a bid to reduce these risks and enhance the sustainability of the sector, as well as improving product design to attract more international customers.