Vietnamese wood exports to US surge over nine-month period

VOV.VN - The opening nine months of the year witnessed the export of timber and wooden products to the United States grow by 1.9% to US$6.8 billion on-year, according to details given by the General Department of Vietnam Customs.

September alone saw the export value of timber and wood products to the fastidious market soar by 56.5% to reach US$573.6 million compared to the same period from last year.

During the past eight months of the year, Vietnamese wooden furniture exports to the US declined by 2.8% to US$5.5 billion on-year, with the export proportion accounting for 87.93% of the total export value of timber and wood products to the US market.

According to industry insiders, inflationary pressure has forced consumers in the US to tighten their spending, thereby leading to a slowdown in demand for timber and wooden furniture products in this market.

However, there is a positive outlook ahead for exporting timber and wood products, especially wooden furniture to the US in the time ahead, as the home construction season begins in the market, leading to a rise in the demand for wooden furniture products, experts noted.

Despite these positives, escalating inflation in the US coupled with the ongoing Russia-Ukraine conflict will continue to ramp up the price of raw materials and fuel, causing a sharp increase in the businesses’ costs.

Furthermore, other factors are anticipated to exert adverse impacts on Vietnamese timber and wood exports to the demanding market, including disadvantages in exchange rates, labour shortages in the post COVID-19 pandemic, negative impacts from global high inflation, and accusations of origin fraud for raw materials.

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