Vietnam's wood product exports up 11.4% in Jan.-Oct. 2022

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Over the first 10 months of 2022 Vietnam's wood and wood product (W&WP) exports reached US$13.5 billion, a year-on-year growth of 11.4%. Of this, WP exports were valued at US$9.3 billion, up just 3% over the same period in 2021. The majority of the growth has been mostly in woodchips and wood pellets.

From May 2022 W&WP exports tended to drop and the exports in September decreased sharply compared to that in August 2022 as many businesses were lacking orders and operating at modest level. Under the current business conditions, W&WP exports for the year may not achieve the US$16.5 billion target.

Contrary to previous years when W&WP exports often increased in the last months of the year this year with the economic recession and high inflation in major markets exports are trending down since the beginning of the second half of the year.

Woodchip exports have achieved a record growth due to the escalating demand from China. Similarly, wood pellet exports, mostly to South Korea and Japan for power generation, have been experiencing high growth.

In recent months W&WP exports to the US, the top market, have been decelerating. Over the first 9 months of 2022 exports to the US recorded at US$6.8 billion, up 2% over the same period in 2021.

Unlike the US market, exports to Japan, China and South Korea are increasing. In Japan and Korea, in particular, there is high demand for wood pellets. In addition, the potential to export wooden furniture to these markets is also very positive because these markets are less affected by inflation while the demand of wooden furniture is recovering.

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