Wood industry aims to export 15.2 billion USD in 2024 (Photo:laodong.vn)Hanoi (VNA) – Vietnam’s wood and forestry sector is aiming to export 15.2 billion USD worth of its products this year, an increase from the 14.47 billion USD last year which was down 15.4% from 2022.
According to the Department of Forestry, thefundamental reason of the last year's fall is that consumers reduced their spending onnon-essential items such as wood and wood products to deal with risingprices caused by geopolitical crises.
In addition, several businesses saw value-added taxrefunds delayed, making it harder for them to raise finance formanufacturing, while some wood processing companies had to reduce the scope oftheir output and exports.
However, the opportunity to expand and develop marketshare is extensive with the world’s furniture market being estimated at 405billion USD a year; import demand for wood and wood products is 230 billion USD, while Vietnam's export turnover of these products accounts for just over 6%.
Free trade agreements (FTAs) to which Vietnam is a signatory remain a leverage for the industry to go far, according to experts.
In the first two months of this year, the export value of the sector reached 2.68billion USD, up 47.4% over the same period in2023; and the import value, 355 million USD, up 31%.
To meet the aforementioned export targets, the sector is enhancing its efforts and developing essential solutions intechnological innovation, raw material utilisation, production, and productdistribution./.
