KUCHING: Vietnam’s exports of wood and wood products (W&WP) and non-timber forest products (NTEP) have been robust and reached a historic high of US$17.3 billion last year. Of this total, W&WP exports accounted for about US$16.3 billion while the remaining portion was NTEF, according to Vietnam’s Forestry Department quoted by International Tropical Timber Organisation (ITTO) Tropical Timber Market Report (January 1-15, 2025).
“This record-breaking export performance represents a 19 per cent increase compared to 2023 and surpasses the previous record set in 2022 by more than 2 per cent. In 2022, the total export value of forest products reached US$16.9 billion, with US$15.8 billion attributed to W&WP and the remaining US$1.1 billion from NTEP.
“Most W&WP categories recorded positive growth rates in 2024. Leading exports for the year was the wooden frame seat category.
By the end of November 2024, this product earned US$3.1 billion, a 24 per cent increase compared to the same period in 2023,” said the report.
The other major export products were living room and dining room furniture, woodchips, bedroom furniture, wood-based panels, floorings and kitchen furniture. All of these product groups surpassed US$1billion each in exports last year.
The United States (US) continued to be the largest export market for Vietnam’s W&WP exports, accounting for more than 55 per cent of the total exports. According to the Forestry Department, W&WP exported to the US market have experienced positive growth driving by increasing demand and decreasing inventory levels in 2024. “Moreover, the shift in global supply chains, particularly due to the US trade protection measures against Chinese goods, has opened up significant opportunities for Vietnam’s wood products.
“Other key markets, such as China, Japan, South Korea and EU (European Union) remain crucial for Vietnam’s W&WP exports.
These markets not only have high demand for wood products but also require goods adhere to strict standards regarding quality, design and sustainability,” said the ITTO report. Last year, Vietnam’s W&WP export to China rose 21 per cent to US$1.9 billion from 2023.
Year-onyear, exports all recorded increases to other markets: Japan (+3% to US$1.6 billion); South Korea (+0.6% to US$722.4 million) and the EU (+27% to US$503 million). In December 2024, Vietnam Customs’ data shown that the country’s W&WP exports reached US$1.55 billion, up six per cent from the previous month of November and an increase of 16 per cent from December 2023. WP export alone fetched US$1.1 billion (+7.5% from November 2024 and +15.5% from December 2023).
“At the end of 2024, W&WP exports continued to show strong growth. In the week from December 10 to 17, exports reached over US$390 million, reflecting a 5 per cent increase compared to the previous week. Among this, exports of wooden furniture alone reached US$250 million, marking an increase of over 2 per cent compared to the previous week. “Wooden furniture exports in this period were directed to several key markets. The US remained the leading market, with exports reaching US$200 million, up by 4 per cent compared to the previous week. Following the US, Japan imported nearly US$9 million worth of wooden furniture though this was a 5 per cent decrease compared to the previous week. South Korea showed a positive growth of 3 per cent, with exports amounting to US$5.5 million while the UK saw a decline of 11 per cent. Canada, on the other hand, experienced a significant drop of nearly 30 per cent,” said the ITTO report.
