Data show that Vietnam's total exports of wood and wood products in October reached US$1.2 billion, a month-on-month increase of 5.7% and a year-on-year decrease of 0.9%. Among them, the export of wood products is expected to reach US$790 million in revenue, a month-on-month increase of 0.4 and a year-on-year increase of 0.3%.
From the perspective of imports, in October this year, Vietnam's import value of wood and wood products reached US$180 million, a decrease of 5% month-on-month and a decrease of 19% year-on-year, which was a slightly larger decrease. As of the first 10 months of this year, the import value of wood and wood products reached US$1.786 billion, a year-on-year decrease of 31%.
In terms of log and sawn timber imports, in October 2023, Vietnam's total log and sawn timber import volume reached 424,500 cubic meters, a month-on-month increase of 8%, a year-on-year decrease of 14%; the import value reached 135 million US dollars, a month-on-month increase of 8%, a year-on-year decrease of 14%. down 24%.
In October 2023, Vietnam's non-timber forestry product exports are estimated to reach US$60 million, a year-on-year increase of 14%. The total exports of non-timber forestry products in the first 10 months reached US$598.69 million, a year-on-year decrease of 14%.
Although Vietnam's wood product exports fell by 22% year-on-year in the first 10 months, the 6% growth in October showed a certain signal of export recovery. However, for Vietnam, affected by the global economic downturn and weak demand for wood and wood products in the international market, the wood processing industry still faces many problems this year.
Under this circumstance, it is difficult for Vietnam to achieve its previously set export target of US$17 billion in 2023. However, industry insiders said that during the rest of this year, it may be possible to increase by US$4 billion to reach the target of US$13.6 billion to US$14 billion.