According to Vietnamese media reports, statistics from Vietnam’s Ministry of Agriculture and Rural Development show that in April 2022, Vietnam’s exports of wood and wood products reached US$1.5 billion.
Taking into account that the export value of wood and wood products in the first quarter was about 4 billion US dollars, in the first four months of this year, Vietnam exported wood and wood products worth nearly 5.5 billion US dollars, an increase of more than 4.5% year-on-year.
According to the Vietnam Timber and Forest Products Association (VIFORES), currently, Vietnam's exports of wood and wood products are mainly concentrated in high value-added products, such as wooden frame chairs and wooden furniture for living rooms, dining rooms, and bedrooms, which are It is a key export product of Vietnam.
Do Xuan Lap, chairman of the association, said that Vietnam's timber and wood products production and export activities are actively promoted by a series of free trade agreements (FTA), such as the EU-Vietnam Free Trade Agreement (EVFTA), etc. The tax rate creates a competitive advantage for Vietnam's exports of timber and wood products.
In addition, he pointed out that the limited supply of wood in European and American countries and rising production costs have led to a reduction in production, which is seen as an opportunity to increase the potential export of wood and wood products from Vietnam.
The association estimates that in the first half of 2022, Vietnam's total exports of wood and wood products will grow by 5% to 8% year on year.
In addition, from January to April 2022, Vietnam has weakened its dependence on foreign wood and wood products, and its total imports fell by 2.6% year on year to US$968 million.
It is worth noting that in the first four months of this year, Vietnam imported about 59,200 cubic meters of red sandalwood with a value of about US$24.7 million, a decrease of 6.5% in quantity and 4.3% in value compared with the same period last year. Among them, the import volume of red sandalwood from South Africa has increased significantly, which is currently the largest supplier of red sandalwood to Vietnam.