Wood exports surge in seven months

Of the figure, wood exports jumped 18.4% on-year to US$2.3 billion and wood product exports achieved 14.4% growth to US$3.3 billion.

Wood exports to most overseas markets increased considerably, especially to Malaysia which spent US$31.5 million, up nearly 60% compared to the same period last year. Meanwhile, wood exports to China, one of Vietnam’s key trade partners, nosedived 1% to US$486.2 million.

The high export growth was attributable to the shifting of bulk orders to Vietnam from overseas. Experts say although Myanmar, Malaysia and Indonesia have large reserves of wood materials, their manufacturing technology and infrastructure are a disadvantage, and Vietnam is a primary option for importers in the short term period.

In addition, Vietnam has signed a number of trade agreements with foreign countries, agreeing to slash import-export tariffs to zero percent. Wood products are among those that enjoy most preferences.

Vietnam exports wood and wood products to 40 countries around the globe. The US is the leading export market for the sector, trailed by Japan.