From the beginning of 2024 to August 15, Vietnam's export turnover of timber and wood products reached USD 9.5 billion, an increase of 24% over the same period last year.

According to the General Department of Customs, from the beginning of 2024 to August 15, Vietnam's export turnover of timber and wood products reached USD 9.5 billion, an increase of 24% over the same period last year. Of which, wood products accounted for USD 6.5 billion, equivalent to 68% of the total turnover, and increased by 23% over the same period.

With this result, Vietnam's timber and wood product exports have completed 67% of the annual plan set by the Ministry of Agriculture and Rural Development. In 2024, the Ministry aims to reach an export turnover of USD 14.2 billion, an increase of 6% compared to 2023.

In general, Vietnam's largest export markets all recorded positive growth compared to the same period last year. Leading the way was the US, Vietnam's largest export market for timber and wood products, with a turnover of USD 4.88 billion in the first 7 months of 2024, an increase of 25.9% over the same period.

China ranked second with a turnover of USD 1.2 billion, a sharp increase of 39% compared to the same period last year. Japan ranked third with USD 961 million, a slight increase of 1.4%. In contrast, timber and wood products exports to Republic of Korea decreased by 2.1% compared to the same period last year, to USD 452 million.

In addition to major markets, Vietnam also recorded significant growth in many other markets. Exports of timber and wood products to Canada reached USD 133 million, an increase of 25% over the same period last year, while exports to the UK reached USD 124 million, an increase of 17.8%.

In addition to the export market group of over USD 100 million, Vietnam exported timber and wood products to Malaysia with a value of USD 90.7 million, an increase of 12.8% over the same period last year. Notably, Malaysia is the only market in the ASEAN bloc to make it into the Top 10 wood export markets of Vietnam in the first 7 months of 2024.

Vietnam also exported timber and wood products to Australia with a turnover of USD 86 million, an increase of 14.6% over the same period last year, to India with a value of USD 84.4 million, a sharp increase of 65.8%, and to France a value of USD 63.7 million, an increase of 12.9%.

Among the 40 major export markets, Laos recorded the highest growth, with turnover increasing by 150% compared to the same period last year. In contrast, Turkey recorded the sharpest decline, a decrease of 75.8% compared to the same period last year.

Kylie Nguyen