Since the start of 2023, Vietnamese timber and wooden furniture businesses are having many problems as export orders fell by 50-60%, cutting half of their production abilities.
In the first 4 months of 2023, the export turnover of timber and wooden products fell annually by 30.6% to $3.9 billion and the export of wooden goods fell annually by 38% to $2.6 billion.
At the same time, the import value of timber and wooden products also decreased by 33.6% to $634 million.
From January-April, Vietnamese exports of these goods to big markets saw a downfall, as in the US, exports fell by 38%, in Japan by 1.5%, in the Republic of Korea by 22%, and in China, it fell by 13%.
Orders from the US market decreased by 50-55% depending on the type of wood products and orders from the EU also fell by 60%.