According to the General Department of Customs, in August 2024, Vietnam’s export value of wood and wood products reached 1.5 billion USD, up 16.7% compared to August 2023. In particular, the export value of wood products reached 1.03 billion USD, up 22% compared to August 2023.
In the first 8 months of 2024, the export value of wood and wood products reached 10.4 billion USD, an increase of 22.6% over the same period in 2023. In particular, the export value of wood products was estimated at 4.1 billion USD, down 33% over the same period in 2023.
The market is recovering positively, so the orders that enterprises receive are increasing. Especially, the export value to the key export market such as the US in the first 8 months of 2024 reached 5.7 billion USD, up 26.2% over the same period in 2023. Exports to China reached 1.4 billion USD, up 30.6%. Exports to Japan reached 1.13 billion USD, up 1.5%.
Vietnam’s wood exports increased by more than 200%.
Notably, Russia was an active import market for this item from Vietnam. In the past 8 months, export turnover reached more than 3.4 million USD, up 44% compared to 2023, accounting for 0.22%. In August alone, exports of wood and wood products to Russia increased by more than 210% compared to August 2023.
Vietnam is a large wood exporter but still depends heavily on the import of raw materials.
Russia supplies a large amount of raw wood to the world market. It is estimated that every year, Russia’s wood harvest is about 200 million m3, equivalent to 10% of the global supply. This country is also the largest lumber supplier in the world and ranks 7th in terms of lumber export value. However, the economic sanctions announced by the EU and the US after the Russian-Ukrainian conflict caused the country’s huge amount of raw wood to decline. As a result, the global supply of raw wood is severely affected.
Supply shortages from Russia could shape new demand for wood species to replace those previously imported from Russia. In particular, Vietnam’s acacia wood can become one of the alternative sources.
According to the Ministry of Industry and Trade, wood and wood products exports are growing positively thanks to demand from markets recovering. However, enterprises are still facing new challenges in terms of international commitments. In addition, sea freight rates remain high, and the sharp increase in the price of imported wood materials also puts pressure on businesses. After Typhoon Yagi, prolonged heavy rains have caused flooding in the North. Therefore, in the rest of 2024, Vietnam’s wood and wood product exports still face many challenges.