Wood and forestry exports plunge in second quarter

The export value of the wood processing and forestry sector was US$2.18 billion in the second quarter of 2020, dropping 11.3% against the first quarter and 20% against the same period last year.

wood and forestry exports plunge in second quarter hinh 0

According to the Vietnam Administration of Forestry (VAF), the revenue gained from the sector’s biggest importer – the US – reached US$1.03 billion, down 18% year-on-year and 33.4% quarter-on-quarter.

Its exports to other key markets, namely China, Japan, and the Republic of Korea, recorded a annual rise ranging between 5% and 20%.

In the first half of 2020, the sector’s export earnings hit US$11.75 billion in total, up 3.9% from 2019.

Vietnamese wood and forestry products have been shipped to over 120 countries and territories worldwide. The country ranks first in ASEAN, second in Asia and fifth in the world for wood exports.