Tiếng ViệtInflation in the US remained high, demand slowed down, so Vietnamese wood products and wood products exported to the US market recorded a sharp decrease.
According to statistics from the General Department of Customs, the export value of wood and wood products to the US market in April 2023 was US$633.5 million, down 32.2% compared to April 2022.
In general, the export of wood and wood products to the US market reached 2 billion USD in the first 4 months of 2023, down 39.5 compared to the same period in 2022.
In the context of high inflation in the US, causing demand, Vietnam’s wood products and products exported to the US market recorded a sharp decrease in the first 3 months of 2023.
In which, wooden furniture is the main export product, accounting for a high proportion, reaching 1.2 billion USD, down 41.9% over the same period in 2022. Wood, flooring and flooring products followed at $97.7 million, down 53.8%. Wooden doors fell 42.9% to 4.1 million USD…
The Fed’s move to raise interest rates at 5 – 5.2% and the tightening of spending on staples in the US will exacerbate difficulties for Vietnam’s main exports, in including wood products and wood products.
The demand for US imports may fall further due to the effects of inflation, economic downturn and weakening consumer confidence. The United States has always been the largest export market of the wood industry, accounting for 52% of the total export turnover of wood and wood products.
Therefore, the export prospects to the US are not very bright, the wood industry faces many difficulties and companies need to successfully adapt to the trend of limiting personal consumption in the US.
In addition, companies need to clearly demonstrate their competitive advantages to be able to maintain and maintain their market share in this market. The focus is on cost reduction, improvement of competitiveness, good product prices, good product quality and good after-sales policy.
