Vietnam wood have many chances to gain marketshare in the world furniture market. Photo: N.T

Import-Export Department (Ministry of Industry and Trade), in the first two months of 2024, wood and wood product exports are estimated to reach US$2.4 billion, an increase of 43.8% over the same period in 2023. In particular, wood product is estimated to reach US$1.6 billion, rising 52.5% over the same period in 2023.

In February, Vietnam's export of wood and wood products is estimated to reach US$950 million, reducing 35.3% compared to January 2024. However, it turned over to rise 8% compared to February 2023. In particular, wood product exports are estimated to reach US$582 million, declining 43.3% compared to January 2024, but it increased 3.9% compared to February 2023.

Accordingly, exports of wood and wood products in February decreased sharply compared to the previous month due to export activities being interrupted by the Lunar New Year holiday 2024.

In general, in the first two months of 2024, wood and wood product exports are estimated to reach US$2.4 billion, growing 43.8% over the same period in 2023. Wood product exports are estimated to reach US$1.6 billion, an increase of 52.5% over the same period in 2023.

Furthermore, wood export activities improved from the last months of 2023. By the first month of 2024, the export value of wood and wood products grew positively, and the export of this commodity also increased significantly.

Leading the export value is wooden furniture reaching US$925 million, rising 9.5% compared to December 2023 and growing 108.9% compared to January 2023. Exported wooden furniture products all showed high growth compared to January 2023.

Besides the rapid growth of exported wooden furniture, in January 2024, other exported wood and wood products also grew significantly such as wood chips reached US$217.5 million, an increase of 21.7% compared to January 2023; followed by wood, boards and flooring reaching US$196.6 million, an increase of 113.6%; wood pellets reached US$73.5 million, climbing 24.1%...

Mr. Nguyen Chanh Phuong, Vice President of HAWA, said that the real estate market in the United States was showing positive signs which was a very good sign for the furniture market. If there were no major geopolitical fluctuations, demand would tend to grow well in the coming months. Besides that, many other markets such as India and the Middle East also have great potential for Vietnamese businesses.