Vietnam’s plywood export market has shown significant activity in the first half of 2024. This report delves into the total export value and volume by wood type and importer country, providing an insightful analysis of trends, market dynamics, and key contributors.
Total Export Value and Volume
From January to June 2024, Vietnam’s plywood exports amounted to a total value of $68,605,143. The highest monthly export value was recorded in January at $13,721,130, while February saw the lowest at $5,851,938. The overall trend shows a significant drop in February, likely due to seasonal factors or market conditions, followed by recovery and stabilization from March to May, and a slight decrease in June.
The total export volume for the same period was 243,612.69 CBM. January again topped the charts with 49,087.36 CBM, while February recorded the lowest at 20,138.72 CBM. Similar to the value trends, the volume showed fluctuations, with the second quarter displaying improved stability over the first quarter.
Export Value by Wood Type
Acacia became the leading type of wood, making up around 60.6% of the total export value, which amounted to $41,544,506. Additionally, Medium Density Fiberboard (MDF), Eucalyptus, and other varieties of wood significantly contributed, with MDF representing 11.9% and Eucalyptus 4.5% of the total. Manglietia, Rubber, and Ficus had smaller contributions, each comprising less than 2% of the total export value. The export values of these wood types mirrored the general market trend, reaching a peak in January, declining in February, and then stabilizing in the following months.
Export Volume by Wood Type Monthly
Acacia stood out as the primary contributor regarding export volume of plywood, constituting 69.9% of the total plywood export volume, which equaled 170,214.53 cubic meters (CBM). Following Acacia, other wood types and Eucalyptus made substantial contributions, representing 21.6% and 4.4% of the total export volume, respectively. Medium Density Fiberboard (MDF) accounted for 3.1% of the overall volume.
The trends observed in the export volumes closely paralleled those seen in export values. Acacia, along with other wood varieties, experienced notable declines in February before eventually stabilizing. This consistency between volume and value trends underscores the interconnected nature of the market dynamics governing wood exports.
In detail, Acacia’s predominance in both value and volume signifies its crucial role in the wood export sector, highlighting its extensive demand and widespread use. The significant portion of the total export volume attributed to other wood types and Eucalyptus also points to their importance within the industry, albeit to a lesser extent compared to Acacia.
The observed drop in export volumes in February, followed by stabilization, reflects typical seasonal fluctuations and market adjustments. These trends are indicative of broader economic factors and possibly seasonal production cycles, which influence the availability and exportability of these wood products.
Export Value by Importer Country
The Republic of Korea was the largest importer of Vietnamese plywood, accounting for 61.9% of the total export value ($42,480,318). Japan and the United States were the second and third largest importers, contributing 11.6% and 9.1%, respectively. Malaysia and Thailand were also significant markets, adding 5.4% and 5.1% to the total export value. Countries like India, Canada, the Philippines, Taiwan, and Singapore, while contributing less significantly, remained vital components of the export landscape. On the lower end, Kuwait, Laos, Panama, and Honduras had minimal contributions.
Monthly Trends by Importer Country
In January, most top importers reached their peak export values. However, February saw a significant drop, likely due to seasonal factors or market conditions. The values recovered from March to May, with minor fluctuations observed in June. The Republic of Korea consistently held the highest monthly values throughout the first half of the year, followed by Japan and the United States.
Here is the full report
By VietnamWood Data Team
