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According to the Huacheng Import and Export Data Observation, many Vietnamese timber enterprises had to maintain their operations by reducing the investment scale and changing the export market due to the impact of capital and the contradiction between supply and demand of timber. However, according to the statistics of the customs, Vietnam's export of wood products in January this year was 806 million US dollars, down 49% year on year, which shows that Vietnam's wood export industry is still facing difficulties.

North American market

As of January this year, Vietnam's exports of wood and wood products to the United States amounted to 367.3 million US dollars, down 60% year on year. It is predicted that the U.S. housing sector will remain weak in 2023, so the demand for wooden furniture in the United States will continue to slow down. Huacheng Import and Export Data Observation Report.

Asian market

In 2023, the demand from South Korea and Japan was generally weak, resulting in the reduction of orders and downward pressure on prices. As of January, Vietnam's export of wood and wood products to South Korea was US $63.5 million, down nearly 39% year on year. Although the Chinese market has been reopened, due to the fact that China's supply chain has not yet fully recovered, the volume of timber trade with China has not met expectations. Huacheng import and export data observation report.

European market

In the context of high global inflation and slowing demand in various countries, it is expected that Vietnam's timber and wood products exports will still face huge challenges in 2023. However, it is worth noting that the wooden furniture in Vietnam's household sector has certain advantages in the European market. For this reason, the Ministry of Industry and Trade of Vietnam has also been actively carrying out trade promotion activities to support enterprises to improve their product design and development capabilities, so as to establish a brand belonging to Vietnam. Huacheng Import and Export Data Observation Report.

In addition, in view of the increasingly strict requirements for imported wood and wood products in Europe, Vietnam is also expected to speed up the treatment of "illegal wood" at the same time to ensure that Vietnamese products can smoothly enter the European market.

There has been a close timber trade between China and Vietnam. Only from the perspective of wood chips used for pulp production, Vietnam accounts for 57% of China's total imports. Although Vietnam is planning to expand the European market, this will not change the trade between China and Vietnam. China's domestic timber supply chain still needs time to recover. It is expected that the subsequent demand from China will gradually increase. Huacheng Import and Export Data Observation Report.