Vietnam wood exports down 16.5% to $13.4 bln in 2023

With Q4 exports of $3.75 billion, the wood product sector posted a turnover of $13.4 billion in 2023, down 16.5% year-on-year, according to the Ministry of Industry and Trade.

While the export trend of wood and wood products was positive in Q4 for a 0.3% year-on-year increase, the impetus for recovery remained modest, only partially offsetting the decline at the beginning of the year, the ministry said.

As a result, the export value of wood and wood products declined sharply in 2023. The industry has been affected by a global slowdown, low consumer demand, high protection barriers, and strict monetary policies of many countries.

The global trade outlook in 2024 is not expected to be very positive and this will continue to have an unfavorable impact on exports in many sectors, including wood and wood products.

The geopolitical crises, global economic recession and the lack of recovery in major markets can drag exports further down.

Although inventories in major consumer markets have tended to decrease, their recovery momentum is slow, therefore, 2024 export prospects for the wood and wood product sector do not seem very bright at the moment.