Wood and forestry exports plunge in second quarter

Update: 16:39 | 19/06/2020
The export value of the wood processing and forestry sector was 2.18 billion USD in the second quarter of 2020, dropping 11.3 percent against the first quarter and 20 percent against the same period last year.
TIN LIÊN QUAN
Wood exports grow thanks to businesses’ activeness to trade online and explore new markets
Wood export turnover grows 16 percent in Q1
wood and forestry exports plunge in second quarter
Illustrative photo. (Photo: Bao Quang Ninh)

According to the Vietnam Administration of Forestry (VAF), the revenue gained from the sector’s biggest importer – the US – reached 1.03 billion USD, down 18 percent year-on-year and 33.4 percent quarter-on-quarter.

Its exports to other key markets, namely China, Japan, and the Republic of Korea,  recorded an annual rise ranging between 5 and 20 percent.

In the first half of 2020, the sector’s export earnings hit 11.75 billion USD in total, up 3.9 percent from 2019.

Vietnamese wood and forestry products have been shipped to over 120 countries and territories worldwide. The country ranks first in ASEAN, second in Asia and fifth in the world for wood exports.

Wood firms advised to seek alternative material suppliers

 

Wood firms advised to seek alternative material suppliers

Local wood processing enterprises need to expand supply chains with a focus on seeking suppliers from domestic and overseas markets to ease disruptions from China ...

Vietnam’s wood exports to EU likely to reach 1 billion USD thanks to EVFTA

 

Vietnam’s wood exports to EU likely to reach 1 billion USD thanks to EVFTA

Vietnam’s wood exports to the European Union (EU) is likely to reach 1 billion USD after the recently ratified EU-Vietnam Free Trade Agreement (EVFTA) takes ...

Foreign investment increases in wood processing industry

 

Foreign investment increases in wood processing industry

Foreign direct investment in the wood processing industry has increased rapidly, especially since 2018, the Vietnam Timber and Forest Product Association have said.

(Source: VNA)