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Sunday, July 21, 2024

Wood exporters see hope

By Huynh Ngoc Nhu

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The prospects for global trade this year remain unpredictable, but there have emerged some positive signs in key markets such as the U.S. and the EU, which give hope to wooden products exporters in Vietnam. Rebounding from decline In 2023, Vietnam’s wood and forestry product exports totaled US$14.5 billion, a staggering 15% drop compared to 2022, marking the sector’s most significant decline in two decades. However, 2024 is a promising restart for the wood export industry. Data from the Handicraft and Wood Industry Association of HCMC (HAWA) showed that exports of wood and forestry products surged to approximately US$1.5 billion in the first month of the year, a remarkable 72.5% increase year-on-year. Many enterprises are witnessing a recovery in order numbers, reaching 80-90% of pre-decline levels. Certain companies have secured new orders from other markets, extending into the middle of the year. Le Ha Trong Chau, responsible for the business department at Duc Thien Company Limited, said that his company has secured orders extending to June 2024. With the current trajectory, the company anticipates achieving 20% export growth this year. “With heightened tensions in the Red Sea region causing supply chain disruptions, it is encouraging to see Vietnam’s wood processing […]
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