Vietnamese wood exports decrease over five-month period

The export of wood and wooden products continued a downward trajectory, with the export value hitting US$5.1 billion over the past five months of this year to mark a year-on-year fall of 27%.

Of the figure, the export of wooden products valued at US$3.4 billion recorded a drop of 34% compared to figures from the previous year.

According to details given by the Ministry of Industry and Trade, May alone witnessed the nation’s export value of wood and wooden products stand at an estimated US$1.2 billion, up by 10% against April but down by 14% against May, 2022.

Most notably, May saw exports of wooden products reach US$801 million, up 3% on-month but down by 16% on-year. Wooden furniture represented the key export item in terms of the structure of wood and wooden products, duly accounting for 60% of total exports of wood and timber products.

Throughout the January to May period, the export value of wooden furniture fell sharply by 38% against the same period from last year due to slowing global demand.

High inflation across the world has forced consumers to tighten their spending as they seek to decrease demand for non-essential goods such as wood products.

Those factors have led to Vietnamese export value of wood and wooden products plunging during the reviewed period.