Rising Vietnamese wood product exports to Canada

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ITTO/Fordaq
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According to data from the General Department of Customs, Vietnam's W&WP exports to Canada in May 2021 reached US$20.8 million, up 138% compared to May 2020. In the first 5 months of 2021 W&WP export to Canada amounted to US$104.3 million, up 69% over the same period in 2020.

Wooden furniture is Vietnam's main export to Canada. In the first 4 months of 2021 exports of wooden furniture accounted for 89% of the total exports of W&WP to Canada.

In Canada, as the impact of the pandemic receded, the housing market heated up and there are no signs of it cooling. This is the main reason behind the surge in wooden furniture demand in recent months. According to data from the Statistics Agency of Canada, imports of wooden furniture into Canada in the first 4 months of 2021 reached US$847.84 million, up 46% over the same period in 2020.

In particular, Canada increased imports from China and Vietnam. Imports from China reached US$326 million, up 74% and that from Vietnam reached US$152 million, an increase of around 63% over the same period in 2020.

The rapid growth of W&WP exports from China and Vietnam into the Canadian market presents a challenge. From 5 May 2021 the Canadian Border Services Agency (CBSA) decided to apply anti-dumping and anti-subsidy duties on upholstered seats from China and Vietnam.

For Vietnam, in addition to the 7 foreign enterprises that are subject to anti-dumping and anti-subsidy duties of between 17.44% - 89.77%, all other exporters are subject to tax rate of 101.5%.

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