FTAs support the exports of wood and wood productsSaturday, June 4,2022
AsemconnectVietnam - Vietnam’s exports of wood and wood products in the first five months of 2022 were estimated at 7.15 billion USD, up by 6.9% over the same period of 2021. FTAs have supported wood exports.
Wood exports are expected to see growth of 8% in the first half of 2022
The Import-Export Department (under the Ministry of Industry and Trade) cited data reported by the General Department of Customs, saying that the export turnover of wood and wood products in May of 2022 was estimated at 1.55 billion USD, up by 7.9% compared to May of 2021. Generally, in the first 5 months of 2022, the export turnover of wood and wood products was estimated at 7.15 billion USD, up by 6.9% over the same period of 2021.
In the structure of exported wood and wood products, the export turnover of wood products in May of 2022 was estimated at 1.02 billion USD, down by 8.9% compared to May of 2021. In the first 5 months of 2022, the exports of wood products reached 5.2 billion USD, a slight increase compared to the same period of 2021.
With the results achieved in the first 5 months of 2022, the Import-Export Department said, it is possible for the export turnover of wood and wood products to increase by 8% in the first half of 2022.
According to experts, in the context of unresolved geopolitical tensions, along with the unpredictable epidemic situation, the wood industry still maintains a positive export growth momentum. This shows the unified, flexible and right direction of the Government, Ministries and Associations.
In which, it is noteworthy that the wood industry enterprises have turned challenges into opportunities, the resilience of businesses, the flexibility, exploration and creativity of businesses.
In addition, there is also the contribution of new-generation Free Trade Agreements (FTAs) that have supported Vietnam's wood processing industry to boost exports to many markets, increasing its competitiveness of Vietnamese products in the countries, especially countries with no agreements.
There are still challenges
Despite achieving positive export turnover, Vietnam's export of wood and wood products still faces many challenges. Specifically, unpredictable developments of the Covid-19 epidemic; the risk of supply chain disruption due to trade and geopolitical tensions; high freight rates; the price of imported goods, raw materials, fuel and imported materials as inputs for production is forecast to continue to increase. Notably, logistics autonomy is considered the biggest barrier.
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