In the first 3 months of 2023, Vietnamese exports of timber and wood products fell by 28.3% to $2.88 billion and in value, wood products fell annually by 38.5% to $1.87 billion compared to the same period in 2022.
In March, the export turnover of timber products reached $1.2 billion, a decline of 22.8% compared to 2022.
The exports of wooden furniture to the US dropped as the US housing demand index fell by 48.1% in February compared to the same period last year, resulting in a sharp decline in the demand for imported timber products from the market.
The EU’s new rule on not importing any products or goods from deforested areas after December 31, 2020, will also hinder the growth of the wood industry.
However in H1 2023, exports of wood products are expected to see growth when the economy recovers and the travel demand of tourists is expected to increase.
In March, the export turnover of timber products reached $1.2 billion, a decline of 22.8% compared to 2022.
The exports of wooden furniture to the US dropped as the US housing demand index fell by 48.1% in February compared to the same period last year, resulting in a sharp decline in the demand for imported timber products from the market.
The EU’s new rule on not importing any products or goods from deforested areas after December 31, 2020, will also hinder the growth of the wood industry.
However in H1 2023, exports of wood products are expected to see growth when the economy recovers and the travel demand of tourists is expected to increase.