KUCHING: Vietnam has reported robust exports of wood and wood product (W&WP), which climbed by 25 per cent to US$11.7 billion in the January-September 2024 period (9m2024) from a year ago.
The W&WP ranked 7th among Vietnam’s export commodity groups.
In 9m2024, the WP exports were valued at US$8 billion, up 24 per cent over 9m2023, accounting for 69 per cent of the total W&W exports, according to data from the country’s Customs.
“In the first nine months of 2024, W&WP exports to the US and China increased sharply compared to the same period in 2023 by 26% (US$6.5 billion) and 25% (US$1.53 billion) respectively. Exports to Japan did not increase over the same period and exports to South Korea decreased slightly.
“On the other hand, in the first nine months of 2024, there was a sharp increase in exports to markets, such as India, Spain, Germany and Belgium. W&WP exports to India increased sharply, reaching US$120 million, up 55%. India is listed in the top 7 consumer of W&WP exports from Vietnam. Plywood and veneer are the main export products exported to India,” said International Tropical Timber Organisation (ITTO) Tropical Timber Market Report (October 16-31, 2024).
In 9m2024, Vietnam’s shipments of W&WP to the European Union (EU) earned US$378 million, a jump of 25 per cent over the same period in 2023.
In 9m2024, Vietnam exported US$112.5 million worth of W&WP products to Malaysia, up five per cent from 9m2023, and Malaysia was the 9th most important export market for Vietnam.
In September 2024, Vietnam earned US$1.25 billion from the exports of W&WP, and this was a decline of 17 per cent from August 2024 but an increase of 11 per cent from September 2023.
“The share of WP exports was US$902.5 million, down 12.5% compared to August 2024 but up 20% compared to September 2023.
“Vietnam’s office furniture exports in September 2024 reached US$27.3 million, up 18% compared to September 12023. In the first 9 months of 2024, exports of office furniture were valued at US$216.9 million, up 11% over the same period in 2023,” said the ITTO report.
Exports of wooden upholstered chairs in September 2024 earned US$255 million for Vietnam, and this was an increase of 11 per cent from a year ago. In the 9m2024, the exports of this item brought in foreign exchange earnings of US$2.4 billion, a surge of 22 per cent from 9m2023.
On imports, the report said in September 2024, Vietnam paid US$234.5 million on the purchase of W&WP, down 13 per cent from August 2024 but up 24 per cent from September 2023. This brought to a total of US$2.03 billion in the country’s imports of W&WP in 9m2024, a jump of 26 per cent from 9m2023.
In September 2024, Vietnam’s imports of logs and lumber from the US surged again, reaching 645,000 cubic metres (cu m) worth US$28 million (+11% in volume and 6% in value compared to August 2024). Compared to September 2023, the increase was higher (at 54% in volume and 61% in value).
In 9m2024, Vietnam forked out US$222.96 million for the imports of 518,380 cu m of logs and sawn wood from the US, and this was an increase of 32 per cent in volume and 33 per cent in value over the same period in 2023.
During the same period, Vietnam’s imports of tali (a lesser known timber species) totalled 240,400 cu m valued at US$89.7 million, down 19 per cent in volume and 28 per cent in value over 9m2023.
Imports of pine (a versatile timber) by Vietnam in 9m2024 stood at 712,500 cu m worth US$159.8 million (+40% in volume and 43% in value compared to (9m2023).
For foreign direct investment (FDI) enterprises in Vietnam, they had increased the imports of W&WP to US$670 million in 9m2024, a surge of 38 per cent over 9m2023. This also accounted for 38 per cent of Vietnam’s total W&WP for the period under review as compared to 27 per cent in 9m2023.
In 9m2024, Vietnam’s imports of W&WP from key supply markets increased — specifically from China (+47% to reach US$785 million), the US (+33% to US$238 million) and Thailand by 27%.
Vietnam’s W&WP imports from Malaysia stood at US$18.78 million, off two per cent from 9m2023.
