The export value of wood and wood products was estimated at nearly 1.1 billion USD in July, bringing the total export earnings of the industry in the first seven months of this year to 7.1 billion USD, down 25% year on year, according to data of the Ministry of Agriculture and Rural Development.
A survey of the Handicraft and Wood Industry Association of Ho Chi Minh City showed that orders that the industry received dropped by an average 30% in the recent past, but more orders returned in July ahead of the year-end shopping season.
Chairman of Global Integration Business Consultants (GIBC) Pham Phu Ngoc Trai held that the reduction in orders of the wood industry is only temporary.
The rise to over 1 billion USD in July export revenue after a steep decline for quite some time is a sign that the industry is seeing gradual recovery.
Insiders said that as the US economy begins to stabilise and construction needs begin to rise again in the second half of the year, the consumption of wood products is likely to improve.
The wood processing industry in Vietnam has maintained a double-digit growth of 15.4% for many years, placing the country in the top five biggest furniture exporters in the world.
The wood and forest product industry set the goal for export value of 17.5 billion USD this year, a slight increase over 2022, which was at 17.1 billion USD, which could be challenging as global consumption demand declines./.
Source: Vietnam News Agency