Source: congthuong.vn
Import and Export Department (Ministry of Industry and Trade) citing statistics from the General Department of Customs, the value wood export and wood products to the US market in September 2022 reached 573.6 million USD, up 56.5% compared to September 2021. In the first nine months of 2022, the export value of wood and wood products to the US market reached US$6.8 billion, up 1.9% over the same period in 2021.
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| In 9 months of 2022, the export of wood and wood products to the US market reached 6.8 billion USD |
Inflationary pressure forced US consumers to tighten spending, in which wooden furniture is a non-essential group, so the demand for this item slowed down in the US market. This is also the main export item in the structure of Vietnam’s wood products and wood products US market.
In the first eight months of 2022, the export value of Vietnam’s wooden furniture to the United States reached $5.5 billion, down 2.8% over the same period in 2021, the export proportion accounted for 87.93%. total export value of wood and wood products to the US market. With the value accounting for a large proportion, the reduction of this item will reduce the overall export value of wood and wood products to the United States.
In the coming months, although the prospect of exporting wood and wood products, especially wooden furniture to the United States, is more positive due to cyclical factors, when the housing construction season is completed and the demand demand for furniture products increased accordingly.
However, the inflation situation is still increasing in the United States, along with the conflict between Russia and Ukraine that has not shown any signs of ending, causing the price of raw materials and fuel to increase, leading to a sharp increase in the costs of businesses. On the other hand, exchange rate disadvantage with competitors, labor shortage after the pandemic; Impacts from the economic situation, inflation, allegations of origin fraud, origin of raw materials… are also becoming barriers for Vietnam’s wood and wood products exports to the US market.
