Wood Furniture Export Turnover May Reach US$17.5 Billion in 2024

The export value is likely to set a new record of US$17.5 billion in 2024, according to the General Department of Viet Nam Customs (GDVC).

In the January-June period, overseas shipment of wood products valued US$7.5 billion, representing a year-on-year increase of 23.1 percent. Specifically, furniture products pocketed US$5.066 billion, up 22.2 percent against the same period last year.

The U.S. was the biggest importer of made-in-Viet Nam wood and wood products, up 24.5 percent against the same period last year, followed by China with US$1.05 billion (up 49.3 percent), Japan US$796.8 million (down 2.2 percent) and South Korea with US$389.2 million (down 1.4 percent).

The Department of Import-Export under the Ministry of Industry and Trade reported that the U.S. accounted for around 53 percent of Viet Nam's total export turnover.

Import of wood and wood products is expected to increase sharply in the last three months.

Viet Nam’s exports of wood and wooden furniture reached about US$13.5 billion in 2023, down 15.5 percent year on year.

2023 was a challenging year for Viet Nam's timber industry. A sharp decline in consumer demand in key export markets such as the U.S. and the European Union has resulted in a remarkable reduction in orders.

In 2024, the key focus is to establish an image of sustainable development for the Vietnamese timber industry, based on using certified wood and creating products with reduced emissions.

Source: VGP