Projected Wood Export Revenue in 2023 Set to Reach $14.5 Billion

Projected Wood Export Revenue in 2023 Set to Reach $14.5 Billion

According to Vice Chairman Nguyen Chanh Phuong of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA), Vietnam’s wood export is projected to reach around $14.5 billion this year, falling short of the annual target of $17 billion. By the end of the year, the estimated figure could reach approximately $6 billion.

The wood and wooden furniture export has been sluggish since the beginning of the year, with most businesses experiencing a shortage of orders. In the past eight months, the export turnover decreased by about 26% annually, reaching nearly $8.3 billion. To prepare for end-of-year orders, Vietnamese firms have been actively importing raw wood materials, which have been increasing by 5-10% per month since May.

Additionally, Vietnamese wood enterprises have imported machinery and equipment worth approximately $240 million, primarily from China, Europe, the Republic of Korea, and Japan, among other countries, based on data from the International Trade Centre (ITC).

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