According to data released by the General Statistics Office of Vietnam on September 5, in the first eight months of this year, Vietnam's timber and wood products exports exceeded US$8.3 billion, a year-on-year decrease of 25.4%.
In August alone, the country exported more than 1.1 billion lumber and wood products.
According to local media Vietnam News, wooden furniture and handicraft enterprises have gradually resumed more export orders after the economic slowdown.
The newspaper quoted Tran Ngoc Liem, director of the Ho Chi Minh City branch of the Vietnam Chamber of Commerce and Industry, as saying that earlier this year, inflation and economic recession in some major export markets in many countries, especially Vietnam, caused customers to retrench on furniture spending.
Tran Quoc Manh, deputy director of the Vietnam Handicraft Exporters Association, said that exports began to recover in the second quarter of this year, and the export volume of many enterprises has exceeded 50% of the factory's capacity.
He said it was hoped that exports would be fully restored by the end of this year or early 2024 at the latest.