2023-08-20 15:02:00
Wood product exports show signs of recovery
The value of wood and wood products exports was estimated at nearly USD 1.1 billion in July, bringing the sector’s total export earnings in the first seven months of this year to USD 7.1 billion. USD, down 25% year-on-year, according to data from the Ministry of Agriculture and Rural Development.
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The value of wood and wood product exports was estimated at nearly US$1.1 billion in July.
Photo : Vu Sinh/VNA/CVN
A survey by the Ho Chi Minh City Wood Crafts and Industry Association showed orders fell 30% on average in recent years, but more orders returned in July ahead of the season year-end purchases.
Global Integration Business Consultants (GIBC) Chairman Pham Phu Ngoc Trai said the reduction in orders from the timber industry is only temporary.
The rise to more than USD 1 billion in July export earnings following a steep decline for some time is a sign that the industry is enjoying a gradual recovery.
Industry players said that as the U.S. economy begins to stabilize and construction needs begin to rise once more in the second half of the year, consumption of wood products should improve.
Vietnam’s wood processing industry has maintained double-digit growth of 15.4% for many years, placing the country among the top five furniture exporters in the world.
The timber and forestry products industry has set an export value target of USD 17.5 billion this year, up slightly from 2022, which was USD 17.1 billion. ‘USD, which might be difficult as global consumer demand declines.
VNA/CVN
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