After a sharp fall due to adverse impacts of the COVID-19 pandemic, wood export revenue has seen signs of recovery since June thanks to exporters’ efforts to adapt to the situation.
HCM City (VNA) – After a sharp fall due toadverse impacts of the COVID-19 pandemic, wood export revenue has seen signs ofrecovery since June thanks to exporters’ efforts to adapt to the situation.
Statistics from the General Department of Vietnam Customsshow that wood exports reached only 700 million USD in April and 772 millionUSD in May, a year-on-year fall of 19 percent and over 15 percent,respectively.
But in June and July, the figures rose to 946.9 million USDand 1.05 billion USD, representing respective rises of 15.6 percent and 20.7percent year on year.
In the first seven months of 2020, the export of wood andfurniture fetched 6.09 billion USD, up 6.2 percent over the same period lastyear, including 4.44 billion USD from furniture exports.
Nguyen Chanh Phuong, Vice Chairman of the Handicraft andWood Industry Association of Ho Chi Minh City, attributed the growth to higherdemands and impact of the pandemic on wood sector in many countries that forcesthem to import the product.
Meanwhile, domestic production has not been interrupted,which enables the country to maintain the sector’s supply capacity to make upthe vacancy left by some countries.
At the same time, the EU-Vietnam Free Trade Agreement(EVFTA), which has become effective since August 1, has also helped raise thecompetitiveness of Vietnamese wood and furniture in the EU market.
The efforts of producers and exporters to adapt to thesituation and seek solutions have also greatly contributed to the recovery ofthe sector./.
The fallout of the coronavirus outbreak has been felt in many sectors, but not the timber industry as its export revenue in the first two months of 2020 reached 1.5 billion USD, up 10.1 percent year-on-year.
Minister of Agriculture and Rural Development Nguyen Xuan Cuong has said that Vietnam is focusing on four measures to bolster wood and wooden product export growth this year.
Despite the COVID-19 pandemic’s impact, the wood industry still enjoyed 3.2 billion USD in exports in the first four months of 2019, up 6 percent year on year, thanks to businesses’ efforts to switch to online trading and find new markets.
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.
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Illustrative image (Source: VNA) 
