In the first 8 months of 2019 America has continued to affirm that the export market and largest timber products of Vietnam reached $3.18 billion, up 33.0% over the same period in 2018.
The Import and Export Bureau (Ministry of Industry and Trade) leads statistics from the General Department of Customs to know, export timber and timber products in the month 8/2019 to 935.17 million, up 8.2% over the previous month, and 17.5% increase over the same period in 2018. In it, exporting wood products reached 671.13 million, up 5.8% over the previous month and grew by 21% over the same period in 2018.
In the first 8 months of the year 2019, timber exports and timber products reached $6.61 billion, up 16.7% over the same period in 2018. In which, exporting wood products reached $4.7 billion, up 19.2% over the same period in 2018.
In the first 8 months of the year 2019, export timber and timber products into the US, Japan, UK, Germany, Taiwan growth in relation to the same period in 2018, while exporting to China slowed down and exported to Korea , Australia dropped sharply.
With an increase of 33.0% over the same period in 2018, in the first 8 months of 2019, the U.S. continues to confirm its position as the largest export market in Vietnam’s timber and timber products, reaching 3.18 billion USD; Exports of timber and timber products to Japan also rose 20.4% over the same period in 2018, reaching 872.88 million.
In the context of a declining global trade, the growing trend of trade protection, export of timber and timber products of Vietnam has remained a significant growth. This suggests that taking good advantage of the new generation of free trade agreements has resulted in a positive outcome for the timber industry in the last time.
Besides, the US-China trade tensions also bring advantages to the timber industry. The internal strength of Vietnamese timber processing enterprises has been greatly improved. The business is changing the management mindset of large production line professional models. Enterprises invest in technology quite rapidly in the direction of improving productivity, reducing labor-intensive work. With the advantages of having been forecast the timber sector continues to grow in the last month of 2019.
The demand for timber and timber imports in major export markets such as the US, Japan, UK, Canada, Germany and Taiwan continues to increase. In it, the US is the market with the strongest growth rate, the import tariffs from the Chinese market increase the retail price of Chinese furniture in the U.S. increased. Therefore, American retailers must seek supply from countries with no pressure to increase import duties such as Vietnam, Indonesia, India… The retail market of American furniture has a scale of up to 114 billion, this is a market with many potential for timber and timber products in Vietnam.