Vietnam's exports of timber and forest products in the first 6 months of 2024 reached USD 7.95 billion, an increase of 21.2% over the same period in 2023. Of which the United States with growth of 27.6% and China of 46.6%.

According to data from the Department of Forestry, Ministry of Agriculture and Rural Development, in the first half of 2024, timber and forest product exports earned USD 7.95 billion, an increase of 21.2% over the same period in 2023, reaching 52.3% of the whole year's plan. Several main markets with strong growth such as: the United States with USD 4.38 billion, an increase of 27.6% over the same period in 2023; China with USD 1.05 billion, an increase of 46.6%.

On the contrary, the import value of timber and wood products in the first 6 months of 2024 is estimated to reach USD 1.29 billion, an increase of 19% over the same period in 2023.

According to Mr. Ngo Sy Hoai, Vice President and General Secretary of the Vietnam Timber and Forest Products Association, the United States is still the largest market for Vietnam's timber and forest products exports.

Specifically, in the first 6 months of 2024, the export turnover of timber and wood products to the United States reached USD 4.38 billion, taking up 55% of the total export turnover of the entire industry. From the beginning of the year until now, timber and wood products exported to the US market have gained strong growth, showing that demand is recovering quickly in this market. Wooden furniture is the main export item to the United States, this is also an item that brings high added value to the wood industry. In the first 6 months of 2024, the export value of wooden furniture to the United States reached USD 3.45 billion, an increase of 30% over the same period in 2023. Most wooden furniture products exported to the United States are gaining positive growth. Exports of wood, board/flooring products reached USD 323 million, an increase of 94% over the same period in 2023.

In the Chinese market, Vietnam's export of timber and wood products also gained strong growth. Specifically, in the first 6 months of 2024, export value reached more than USD 1 billion, growth of 46.6% over the same period. In particular, the proportion of China's office furniture imports from Vietnam increased sharply, taking up 24.7% of the total value of China's office furniture imports.

According to statistics from the General Administration of Customs China, the country's wooden furniture imports in the first half of this year decreased by 15.1% compared to the same period in 2023. China reduced imports of wooden furniture from most main supply markets, such as Italy being the largest source of wooden furniture for China, with a decrease of 10.5% over the same period in 2023, taking up 49.8% of China's total import value. Vietnam has surpassed Thailand to become the third largest source of wooden furniture in the total value of furniture imports into China in the first half of this year.

Kylie Nguyen