Vietnam's wood product exports up 21% in Jan.-May 2022

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ITTO/Fordaq
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Vietnam's W&WP exports to the Chinese market in May 2022 are estimated at US$181 million, up 21.1% compared to May 2021. In the first 5 months of 2022, W&WP exports to the Chinese market were estimated at US$722.1 million, up 5.3% over the same period in 2021.

In April 2022, exports of bedroom furniture reached US$286.6 million, up 36% compared to April 2021. In the first 4 months of 2022 exports of bedroom furniture reached US$870.4 million, up 11% over the same period in 2021.

Vietnam's poplar wood imports in May 2022 reached 35,500 cu.m, worth US$17.4 million, up 25% in volume and 28% in value compared to April 2022, however compared to May 2021 they were down by 3.4% in volume and 15% in value. In the first five months of 2022 poplar wood imports reached 130,700 cum, worth US$63.4 million, down 19% in volume and 7% in value compared to 2021.

W&WP exports in May 2022 are reported at US$1.55 billion, a growth of 8% compared to May 2021. In the first 5 months of 2022 exports of W&WP are estimated at US$7.15 billion, up 6.9% over the same period in 2021.

With the results achieved over the first 5 months of 2022, the year-on-year growth is expected to reach 8%. Despite positive export growth, Vietnam's wood and wood products exports still face many challenges, including unpredictable developments of the pandemic, risk of supply chain disruption due to global trade uncertainties, escalated freight rates and logistics and scarcity of imported raw materials.

The opportunities that FTAs bring to businesses by cutting tariff are immense. However, trade protection with new technical barriers, including the imposition of antidumping/anti-subsidy duties, among others may hamper Vietnam’s export growth.

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