Home / Lights & Construction

According to the import and export data recently released by the General Administration of Statistics of Vietnam, the value of wood and wood products exported by Vietnam in January was approximately 1.1 billion US dollars, a year-on-year decrease of 29.8%. Do Yuan Lap, Chairman of the Vietnam Wood and Forest Products Association, said that the decrease in exports was mainly due to a shortage of orders.

Import and export data shows that during this year's Spring Festival, Vietnamese factories are facing extended shutdowns, with some companies taking up to a month off. Currently, most manufacturers choose to "hibernate" to wait for market recovery. How long this' hibernation 'will last depends on the inventory and financial situation of the manufacturers. The Vietnamese Ministry of Industry and Trade recently released a report stating that due to the overall downturn in tariffs and the market, it is recommended that enterprises carefully arrange their operational production plans for 2023. The economic slowdown and high inflation in many major import markets such as the United States, the European Union, and Japan have directly affected Vietnam's production and exports.

Local media VnEconomy quoted Lap as saying that global inflation had a serious negative impact on demand and orders in Vietnam's timber industry at the end of last year and early this year.

Import and export data shows that last year, Vietnam harvested over 16 billion US dollars from exports of wood and wood products, exceeding expectations by 3.8%. According to import and export data from the General Administration of Customs of Vietnam, the export volume of wood and wooden products in Vietnam reached 16.9 billion US dollars in 2022, a year-on-year increase of 6.7%.

Import and export data shows that Vietnam's set export target for wood and wood products this year is a historic high of $18 billion, with an annual export growth rate of 7% to 9%. Do Xuan Lap said that 2022 is one of the most difficult years in the history of the industry. The industry enterprises lack funds and raw materials. In addition to the rising cost, wood processing and export sectors are facing difficulties. Due to limited orders, many exporters have also had to lay off workers and reduce production. In order to achieve the export target in 2023, the industry will continue to focus on improving the competitiveness of Vietnam's local manufacturing industry by reducing timber imports, using advanced technology to improve factory productivity, accelerating Digital transformation to reduce production costs, and participating in international trade fairs to promote trade.