[NEWS] - Wood and furniture exports are expected to recover at the end of the year

Overall, in the first 9 months of 2023, Vietnam’s export value of wood and wood products is estimated to reach 9.7 billion USD, down 21.3% over the same period in 2022. The export prospect of these items will be more positive than in the last months of the year, thanks to increased market demand.

According to the Import-Export Department (Ministry of Industry and Trade), it is estimated that in September 2023, the export value of wood and wood products reached 1.2 billion USD, down 7% compared to August 2023, but increased 6. 7% compared to September 2022.

Of which, the export value of wood products is estimated at 785 million USD, down 6.6% compared to August 2023, but up 5.1% compared to September 2022.

Overall, in the first 9 months of 2023, Vietnam’s export value of wood and wood products is estimated to reach 9.7 billion USD, down 21.3% over the same period in 2022. The export value of wood products is estimated to reach 6.5 billion USD, down 24.3% over the same period in 2022.

In the structure of exported wood and wood products, wooden furniture is the main export item in the first 8 months of 2023, reaching 5 billion USD, down 29.1% over the same period in 2022, accounting for 59.1% of total export value. Export of most products in the structure of wooden furniture products tends to decrease sharply.

In addition to wooden furniture exported in the first 8 months of 2023, there are also several other exported products such as wood chips; wood, boards and flooring; Wood pellets, and wooden doors... the export value of these items also decreased due to weak global demand.

The Import-Export Department assesses that the export prospects of these products will be more positive in the last months of the year, thanks to the usual increase in market demand when the housing market is complete and the need to repair and replace furniture is expected in family expenses increase to welcome the new year. Currently, Indochina Holding is a trade promotion enterprise, we can support domestic and foreign businesses with export needs, helping businesses connect and export goods successfully.

Hoang Yen (Collection source)