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

The General Department of Vietnam Customs reported that in August 2024, the country's wood and wood product exports reached US$1.5 billion, marking a 9.2% increase compared to July 2024 and a 16.7% year-on-year growth. Notably, wood product exports alone accounted for US$1.03 billion, signifying a 5.1% month-on-month rise and a substantial 22% year-on-year increase.

For the first eight months of 2024, the total export value of wood and wood products amounted to US$10.4 billion, reflecting a robust 22.6% year-on-year growth. Wood product exports contributed US$7.1 billion to this figure, representing a 24% annual increase.

The positive market sentiment has been driving increased orders for Vietnamese wood products. Key export markets, such as the United States, have shown remarkable growth with a 26.2% year-on-year increase to US$5.7 billion in the first eight months. Exports to China and Japan also saw significant growth, reaching US$1.4 billion (rising by 30.6%) and US$1.13 billion (growing by 1.5%), respectively.

According to the Department of Import and Export, the positive trajectory of wood and wood product exports can be attributed to the recovering global demand.

However, Vietnamese wood exporters are facing new challenges stemming from international commitments, such as complying with the EU's deforestation regulations, fulfilling the Lacey Act's traceability requirements in the United States, and adapting to the European Commission's proposed carbon border adjustment mechanism.

Furthermore, high ocean freight costs and surging prices of imported wood materials are exerting additional pressure on businesses.

The recent Yagi typhoon and subsequent flooding in northern Vietnam have disrupted production activities, posing further challenges to the industry. Given these factors, the Department of Import and Export anticipates that Vietnam's wood and wood product exports may encounter more difficulties in the remaining months of 2024.