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Vietnam's wood exports saw 19% growth in Q1 2024

Vietnam's wood exports saw 19% growth in Q1 2024

Posted on April 5, 2024 |

Vietnam's timber and wood product exports surged by 18.9% to $3.4 billion in Q1 compared to the previous year.

March saw a notable 46.3% increase in wood exports to $1.12 billion from February, although slightly down from March 2023.

The wood industry is optimistic for the year ahead due to increased export orders in the early months.

Key markets such as the United States, China, Canada, the UK, and the EU show promising demand, leading to positive export prospects.

The US remains Vietnam's largest importer, accounting for over half of total export turnover, with significant growth compared to last year.

Other markets like China, Canada, the UK, the Netherlands, and France also experienced considerable export growth.

Despite positive trends, wood export businesses face challenges from geopolitical tensions, rising freight rates, competition, and trade fraud risks.