Vietnamese timber and wooden furniture exports to Canada surge
VOV.VN - Timber and wood furniture exports to the Canadian market during the opening two months of the year surged by 47.4% to reach US$36 million against the same period from last year, according to statistics released by the General Department of Vietnam Customs.
Wooden furniture remains the main export item to the Canadian market in January, with export turnover reaching US$22.3 million and accounting for 86.2% of the total export turnover to the demanding market.
This figure represents an increase of 15.2% compared to December, 2023, and a rise of 176% compared to January, 2023.
Apart from wooden furniture, a number of other wood products to the market experienced an upward trend in January, with wood flooring board and fine art wood exports increasing by 22.8% and 294.9%, respectively.
Canada's demand for imported wooden furniture grew by an average of 3.1% in the 2019 to 2023 period, according to data compiled by the Statistics Canada.
Last year, due to the impact of high inflation, Canadian imports of the product plunged by 14.8% to US$2.3 billion compared to 2022. In January, there were positive signs recorded for the import demand with turnover surging by 11.8% to US$191.6 million compared to figures recorded in January, 2023.
China, the US, Vietnam, and the EU make up the four main suppliers of wooden furniture to the Canadian market with turnover accounting for 85.9% of the total import value. Most notably, Canada increased imports from China and Vietnam, but reduced imports from the US and the EU.
Industry insiders pointed out that there remains plenty of room for Vietnamese wood furniture exports to the Canadian market as the import value from Vietnam in the demanding market remains low.
Moreover, Canada can be considered as a gateway for Vietnamese wooden furniture products looking to gain entry to the North American market.
Therefore, local firms are advised to fully utilise the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as a means of promoting the export of the product to the fastidious market moving forward.
Vietnamese businesses are advised to be extremely cautious and proactively update market information as a way of devising effective export strategy and avoiding trade fraud, as well as timely handling trade barriers erected by the stringent market.
