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Thursday, April 25, 2024

January wooden furniture exports put at US$1 billion

The Saigon Times

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HCMC – Vietnam’s wooden furniture exports amounted to over US$1 billion in January, a promising sign for the industry, said Tran Ngoc Liem, director of the Vietnam Chamber of Commerce and Industry’s HCMC branch.

Liem was speaking about this export figure at the opening on February 26 of the 2024 Vietnam International Furniture & Home Accessories Fair (VIFA EXPO 2024).

Wooden furniture exports, which accounted for over 29% of the total agricultural export revenue, were the only sector to post revenue of US$1 billion in January.

But Liem highlighted challenges confronting the industry, including risks related to wood material imports, EU forest protection regulations, low-carbon footprint requirements on products, and potential logistic disruptions caused by conflicts in the Red Sea.

Although certain markets experienced remarkable growth in 2023, such as shipments to India skyrocketing by 288%, Peru by 111%, Turkey by 90%, and Norway by 52%, the sector as a whole encountered woes, Liem said.

Vietnam’s wooden furniture exports had negative growth for the first time in two decades last year, totaling only US$16 billion, a 14.8% decline over 2022 and surpassing the nation’s overall export decrease of 4.6%.

VIFA EXPO 2024, held from February 26 to 29 at the Sky Expo Vietnam International Exhibition and Convention Center in HCMC’s District 12, iss attended by 600 companies, including 312 from Vietnam and 288 from abroad.

This event serves as a crucial trade promotion activity for Vietnam’s furniture industry in 2024, fostering networking opportunities and providing platforms for businesses to seek orders and showcase products.

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