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Vietnam's wood export sector shows signs of recovery yet Red Sea problems persist
Posted on March 22, 2024 |
In the first 2 months of 2024, wood and forest product exports surged by 47% to $2.68 billion compared to last year.
Imports of wood and wood products also increased by 31% to $355 million during the same period, resulting in a trade surplus of $2.465 billion.
Despite the export growth, the timber industry faces numerous challenges, including geopolitical conflicts such as Russia-Ukraine and Israel-Hamas, as well as shipping issues in the Red Sea.
The global economic slowdown and reduced consumer spending on non-essential items like furniture add to the industry's challenges.
Additionally, complying with importing countries' regulations to ensure legality and prevent forest degradation poses further challenges for the timber sector.