Update: 09:57 | 10/08/2021
Vietnam’s exports of timber and timber products in the first seven months of 2021 were estimated at US$9.58 billion, up 55% over the same period in 2020, according to the General Department of Customs.
Data shows timber product shipments were estimated at US$7.44 billion, up 64% year on year.
Experts say such figures are exceptional as Vietnam and other countries in the world are still battling the Covid-19 pandemic.
Manufacturing wooden furniture for export at Woodsland Tuyen Quang.
They stated that the pandemic has strongly affected most of Vietnam’s exports, especially agricultural products with short storage and use durations, but it is an opportunity for the wood processing industry thanks to the increased demand in home decoration.
According to Bui Chinh Nghia, Deputy Director of the Vietnam Forestry Administration, Vietnam’s timber and timber product exports to Europe are expected to record strong growth in the final months of 2021.
He cited the gradual loosening of pandemic prevention measures in European countries and the comprehensive implementation of the EU-Vietnam Free Trade Agreement as the reasons for the positive projection.
The US market also holds great potential as low-interest rates are encouraging Americans to build new homes or renovate their houses, which will lead to higher demand for furniture, especially wooden items.
However, Vietnam’s timber industry is facing risks from trade defence measures from in the US for goods with exponential growth as well as the shortage of empty containers causing shipping costs to increased sharply.