Wood and wood product exports from Vietnam is 20% down in 2023
Wood and wood product export from Vietnam during the first 10 months of the current year is estimated at US$10.8 billion, which is 20% less than the figure of the same period in 2022. The key reason of this situation is the lack of orders from main markets. This trend has been major since the end of 2022 and lasting through the first months of the current year.
Demand for furniture in international markets and Vietnam’s supply capacity are both positive, however. From August 2023 positive dynamic is quite noticeable.
The recently confirmed free trade agreements are expected to facilitate made-in-Vietnam furniture shipments to major markets such as the EU, Asian countries and the Middle East.
The figures for wood and wood product export from Vietnam are thought to be more positive in the last months of 2023 with the revitalisation of property markets and increasing demand for home furniture replacement before the Christmas holidays.
Information provided according to www.fordaq.com.