Friday, February 23, 2018 9:02:17 AM - Markets open
VN-INDEX 1,076.03 0.00/0.00%
HNX-INDEX 125.32 +0.62/+0.50%
UPCOM-INDEX 59.31 +0.01/+0.01%
Wood exports surge 17.1% in Q1
Source: VNS - 4/21/2017 9:50:11 AM
 (0 ratings. You must sign in to rate.)
Việt Nam’s exports of wood and wooden products in the first quarter of this year hit US$1.78 billion, a year-on-year increase of 17.1 per cent, the General Department of Việt Nam Customs reported.

This was especially evident in exports to the US and Japan, Việt Nam’s largest wood importers. In the first three months of 2017, Việt Nam’s wood export to the US reached $596 million, 17.6 per cent higher than the same period last year. The export to Japan grew at 6.6 per cent, earning $256 million.

These impressive results made wood and wooden products exports the biggest earners of Việt Nam’s farm export sector in Q1. It’s considered a positive signal for the expected target of $10 billion in timber export value by 2020.

In 2017, the sector set a target of $7.5 billion in wood export, however, given the first quarter results, this number could rise as high as $8 billion this year, said Huỳnh Văn Hạnh, deputy chairman of the Handicraft and Wood Industry Association of HCM City (HAWA).

According to preliminary figures compiled by the Centre for Industrial Studies (CSIL), global furniture consumption is worth more than $460 billion a year. Việt Nam accounts for just 1.65 per cent of this figure, which means there is considerable room for Vietnamese firms to increase their market share.

China is the world’s largest supplier of wooden products, accounting for 37 per cent of the world’s total consumption. However, the Chinese government cut its overall timber harvesting quotas by 9 per cent, equal to 40 million cubic metres of timber, opening up more opportunities for Vietnamese firms to boost their exports, Hạnh said.

In addition, a series of free trade agreements that the country has signed will offer greater export opportunities for domestic firms, he added.

The Republic of Korea (RoK) is also one of the countries which have signed a free trade agreement with Việt Nam, leading to a 16.6 per cent increase in revenue of wood and wooden exports to this country to $143.84 million.

According to the Việt Nam Trade Promotion Office in RoK, trade relations between the two countries will grow rapidly due to the close connections in aspects such as politics, diplomacy, investment.

The office also says that if the use of raw materials of unidentified origin in export products is eliminated, the wood industry in Việt Nam will have more opportunities to expand and develop its market in RoK.

The demand of global markets for high-value wood products is also an important factor for raising the value of wood exports. Demand for furniture items, for example, are estimated to increase sharply this year. Therefore, many Vietnamese wood enterprises have been boosting investment in modern automatic technology, while expanding production scale to fulfill orders.

In order to promote wood export in 2017, it is necessary to prioritise the development of artificial boards and many Việt Nam’s firms are qualified to produce this product. Another solution is focusing on potential markets, such as India and the Middle East, as suggested by the Việt Nam Timber and Forest Products Association.

Newer News
22/02 Final version of Trans-Pacific trade deal released, rules pushed by US on ice
21/02 US Commerce Department proposes hefty import curbs on steel, aluminum from Vietnam, China
12/02 Textile exports to China growing
12/02 Fruit, veggie exports estimated at 321 million USD in January
08/02 Aquatic export surges in January
07/02 Plastic exports expected to grow by 12-15 percent in 2018
06/02 Vietnam ranks third in natural rubber production, export
05/02 Many Korean goods to be exempted from tax in Vietnam
05/02 Petrol prices remain unchanged ahead of Lunar New Year
02/02 Việt Nam receives 1.43mn foreign visitors in January
Older News
21/04 Petroleum prices increased by VNĐ350 per litre
20/04 SCIC targets 7.34 trillion VND in post-tax profit in 2017
20/04 Petrolimex’s foreign ownership cap at 20%
20/04 VN needs national branding: experts
19/04 Wood industry urged to develop more linkages
18/04 Steel industry to grow, export pressures high
14/04 SCIC plans to sell State capital in 137 firms
14/04 Experts urge private economy boost
13/04 Businesses more aware of CSR: Vietnam Report
11/04 EU investors pump more than $21.56 billion in Việt Nam
Newsletter Signup
Top Stories
VN manufacturing PMI hits 22-month high in March
CPI goes up 4.96 percent year-on-year in first quarter
Slight rise in February CPI
Draft decree on State monopoly in trade submitted to Government
CPI ups 0.46% in January
Market Update
Last updated at 9:05:55 AM
VN-INDEX 1,076.03 0.00/0.00%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.