The Potential for Exporting Wooden Furniture to The World’s 3rd Largest Market

Due to high inflation and tight spending by UK consumers, the export of timber and wood products to the UK market is affected. However, the potential for exporting this item to the UK is still very positive, because the UK is the third largest import market for wooden furniture globally.

According to statistics of the General Department of Customs, the export value of wood and wood products to the UK market in July 2023 reached 13.3 million USD, down 10.4% compared to July 2022.

In the first 7 months of 2023, the export value of wood and wood products to the UK market reached US$106 million, down 29.5% over the same period in 2022.

Wooden furniture is a key export item and accounts for a high proportion of the structure of wood and wood products exported to the UK market in the first half of 2023. Due to high inflation and tight spending by British consumers, The export of this item to the UK was affected, the export value of wooden furniture to the UK market reached 80 million USD, down 35.7% over the same period in 2022.

However, the potential for exporting this item to the UK is very positive, because the UK is the third largest import market for wooden furniture globally.

The value of British wooden furniture imports reached an average of $4.3 billion per year in the period 2018 – 2022, of which the value of imports from Vietnam accounted for 7.9% of the total value (according to statistics). . of the International Trade Center).

In order to promote the export of wooden furniture to the UK market, according to the Import-Export Department (Ministry of Industry and Trade), businesses need to grasp the regulations on new standards of the market and consumer trends to improve technology and products. suitable product. quality and design; use modern digital marketing means and tools to enhance product promotion.

At the same time, actively participate in international exhibitions in the UK; preparing a roadmap to transform production to meet the UK’s new requirements for emission reduction, combating deforestation and forest degradation…