US remains largest market for Vietnamese wood exports
VOV.VN - The US remained Vietnam’s largest export market for timber and wood products during the past nine months of the year, with exports to the market enjoying a year-on-year increase of 40.6% to US$6.7 billion, according to the Ministry of Agriculture and Rural Development.
The Ministry stated that Vietnamese timber and wood exports during the reviewed period surged by 30.9% to US$11.14 billion against the same period from last year.
There are positive signs for timber and wood exports to the US market moving forward due to a number of factors which work in favour of Vietnamese products, according to experts.
Most notably, both sides have recently reached an agreement on illegal logging and timber trade that will avoid hefty tariffs placed on Vietnamese timber exports. This agreement therefore officially ended the US Trade Representative (USTR)’s investigation into Vietnamese timber exports under Section 301 of the 1974 Trade Act.
The move has significantly contributed to improving the prestige of the local wood industry, while simultaneously providing a foundation for developing the Vietnamese timber industry in a sustainable manner.
In addition, the signing of this agreement is anticipated to promote Vietnamese trade in timber and wood products to the US market in the coming time.
Furthermore, the recovery of the US economy continues to accelerate the demand for wooden furniture in this market, especially at the end-of-year period, according to the Association of Vietnam Timber and Forest Product (VIFOREST).
Total demand is therefore anticipated to reach US$100 billion this year amid the US economy being forecast to grow by between 6% and 7%, which is anticipated to create opportunities for the export of timber and wood products to the US market in the near future.
