Vietnam wood product exports rise 9% in first 11 months of 2022
16 December 2022Vietnamese exports of timber and wood products reached nearly US$14.6bn in the first 11 months of 2022 – equivalent to a 9% increase on a year ago – according to statistics shared in the International Tropical Timber Organisation’s (ITTO) latest market bulletin.
Vietnam’s stated target is to export US$16.5bn worth of timber and wood products for 2022, with December’s stats still to come.
Wooden furniture is a major product segment in these exports, but recent reports suggest some cooling of demand. The month of November saw a 7.5% decrease in the value of timber and wood product exports to the key US market with a total value of US$550m during November.
In 2021, Vietnam recorded US$14.8bn worth of timber and wood product exports which increased 19.7% year on year and accounted for 4.4% of the country's total export revenue with the US China, Japan and South Korea among the major markets.
Between January and November this year, Vietnam invested US$2.8bn importing timber and wood products - up 4.4% on a year ago.
