Positive signals for Vietnam wood exports to US

Exports of wood and wooden products to the U.S. market gradually recovered in September, reaching $617 million, an increase of 7.5% year-on-year.

Exports of wood and wooden products have been showing signs of a recovery in recent months, with turnover for the entire wood industry in September reaching $1.14 billion USD, up 1% year-on-year, according to the Ministry of Industry and Trade.

Notably, exports of wood and wooden products to the U.S. market reached $617 million in the month, an increase of 7.5% year-on-year.

In the first nine months of 2023, exports of wood and wooden products to the U.S. market reached $5.2 billion, down 24.2% compared to the same period in 2022. However, the level of decline has narrowed as import demand has increased in recent months.

The U.S. is an important market because it accounts for about 50% of the total export value of wood and wooden products, the trade ministry commented.

"Wood exports are warming up," said Nguyen Quoc Khanh, chairman of the Handicraft and Wood Industry Association of HCMC (HAWA).

"The U.S. market is recovering because inventory is decreasing. The U.S. used to have a high inventory but that has fallen. The Chinese market is also showing positive signs. In my opinion, this year, the export turnover of the wood industry will reach about $15 billion,” Khanh told The Investor on the sidelines of a conference themed "How to build a museum" on Tuesday in Ho Chi Minh City.

Nguyen Chanh Phuong, vice chairman of HAWA, also told The Investor that wood exports to the U.S. are starting to climb, although turnover in the last few months was down compared to the same period last year.

According to Phuong, the reasons driving the expansion of the U.S. market are lower inventories and increased construction activity. Furthermore, the market is becoming more active as the holiday shopping season approaches.

Last year, wood and wooden product exports reached $15.8 billion. official data shows.