Wood and wood product exporting enterprises are facing new challenges. Photo: NT

The Import-Export Department (Ministry of Industry and Trade) cited statistics from the General Department of Customs, saying that in August 2024, the export value of Vietnamese wood and wood products reached 1.5 billion USD, an increase of 9.2% compared to July 2024 and an increase of 16.7% compared to August 2023. Of which, the export value of wood products reached 1.03 billion USD, an increase of 5.1% compared to July 2024 and an increase of 22% compared to August 2023.

In the first 8 months of 2024, the export value of wood and wood products reached 10.4 billion USD, an increase of 22.6% compared to the same period in 2023; Of which, the export value of wood products reached 7.1 billion USD, up 24% over the same period in 2023.

The market is recovering positively, and wood orders received by businesses are increasing. Especially with the main export market, the United States, the export value to this market in the first 8 months of 2024 reached 5.7 billion USD, up 26.2% over the same period in 2023; followed by exports to the Chinese market reaching 1.4 billion USD, up 30.6%; Japan reaching 1.13 billion USD, up 1.5%, etc.

According to the Import-Export Department, wood and wood product exports are on a positive trend thanks to the positive recovery of demand from markets.

However, wood and wood product exporting businesses are facing new challenges regarding international commitments such as complying with European regulations on anti-deforestation; accountability to fully implement international commitments under the Lacey Act (USA); or the carbon border adjustment mechanism proposed by the European Commission, etc.

Along with that, sea freight rates remain high, the sharp increase in imported wood raw material prices also puts pressure on businesses in this industry.

After the impact of Typhoon Yagi, prolonged heavy rains caused flooding and stagnated production activities of wood enterprises in the North. Therefore, the Import-Export Department assessed that in the remaining months of 2024, Vietnam's wood and wood product exports will still face many challenges.