2023-08-26 07:30:00
Gradual resumption of exports of wood and derived products
Lack of orders has plagued many wood companies in the first half of 2023. However, analysts note that wood furniture export orders have seen an improvement from the end of the second quarter.
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According to the DSC Securities Company, during the first months of the year, inflation and slowing global growth, particularly in the American and European markets – two main importers of Vietnamese products – led to a strong fall in export turnover, in particular wood.
Wood processing in a factory in Tuyên Quang (North). Photo: VNA/CVN
In fact, during the first two quarters of the year, the export turnover of wood and derived products reached more than 6.067 billion USD, down 27.8% compared to the same period last year.
According to data from the Ministry of Agriculture and Rural Development, exports of timber and timber products in the first seven months of the year reached USD 7.1 billion, 25% less than at the same time last year.
Inside Woodsland factory, Vietnam’s leading wood manufacturing and processing company. Photo: VNA/CVN
However, export turnover in July rose to more than USD 1 billion following a long period of sharp decline, showing signs of gradual recovery.
In the second half of the year, DSC estimates that consumption of wood products should improve as the US economy begins to stabilize and construction demand picks up once more.
Exports of wood and derived products are gradually recovering. Photo: VNA/CVN
According to the preliminary results of a survey conducted by the Handicraft and Wood industry Association of Ho Chi Minh City (HAWA), in July 2023, Companies in the sector have started to receive orders once more, serving the end-of-year furniture buying season in the global market.
The Vietnamese wood processing sector has maintained good growth for many years, at 15.4%/year, allowing the country to be in the Top 5 of the world’s largest exporters of wooden furniture. This shows that it has solid foundations for continued development in the future.
VNA/CVN
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