VOV.VN - With the UK’s imports of wooden furniture from the Vietnamese market surging by 35.7% to reach US$303.7 million during the past 10 months of 2021, local firms can enjoy huge opportunities to promote the export of products to the UK market.
According to statistics compiled by the International Trade Center (ITC), the UK’s wooden furniture imports in the 2016 to 2020 period reached US$5.17 billion per year, with an average annual growth of 2.7%.
During the reviewed period, the UK's import value of the product edged up by 39.3% to reach US$4.03 billion compared to the same period from last year, despite the complicated developments linked to the COVID-19 pandemic.
The UK mainly imported living room and dining room furniture, as well as wooden frame chairs and kitchen furniture.
These appear to be positive signs which have opened up greater export prospects for Vietnamese firms to the demanding market moving forward.
Most notably, the UK’s wooden furniture import value from the nation accounts for only small proportion of the country’s total imports, which has also created opportunities for Vietnamese products to make further inroads into this market.
Moreover, the impact of the UK’s departure from the EU has posed a number of challenges in terms of trade ties between the UK and the bloc, resulting in British businesses actively seeking new supply sources and markets, including Vietnam.