In-Depth Study of Vietnam’s Wood and Timber Imports: 11-Month Analysis

A comprehensive overview of Vietnam’s wood and wood products (W&WP) import performance in 2023 reveals dynamic market shifts. Factors such as slowing export turnover and a subdued domestic real estate market influenced a decline in W&WP import turnover. The first 15 days of December 2023 saw a marginal dip. Foreign Direct Investment (FDI) enterprises played a crucial role, though their cumulative import turnover showed a decline. Noteworthy is the fluctuating import landscape from major supply markets, with China maintaining significance despite an overall decline. The French market stands out with a slight increase.

IMPORT TURNOVER:

As per the initial data provided by the General Department of Vietnam Customs, the import turnover for wood and wood products (W&WP) entering Vietnam in November 2023 surged to almost US$202 million, marking a notable 13.6% increase from the previous month. However, the cumulative W&WP import turnover for the first 11 months of 2023 in Vietnam amounted to US$1.98 billion, indicating a substantial 29.6% decrease compared to the corresponding period in 2022.

The decline in W&WP import turnover is primarily attributed to a deceleration in export activities and the sluggishness observed in the domestic real estate market. Over the initial 11 months of 2023, Vietnam recorded a trade surplus of US$10.138 billion in W&WP import and export, marking a decrease from the trade surplus of US$11.86 billion during the corresponding period last year.

During the initial 15 days of December 2023, the import turnover for wood and wood products (W&WP) into Vietnam amounted to US$103 million, experiencing a slight decrease compared to the corresponding period in November 2023.

Foreign Direct Investment (FDI) Enterprises:

In November 2023, the import turnover for wood and wood products (W&WP) by FDI enterprises reached almost US$68 million, displaying an 8.67% increase compared to October 2023 and a substantial 13.51% growth over the same period last year. Over the initial 11 months of 2023, the W&WP import turnover by FDI enterprises amounted to nearly US$680 million, witnessing a 27.9% decrease from the corresponding period last year. This accounted for 34.27% of the total import turnover of W&WP in the entire industry.

Over the initial 11 months of 2023, Foreign Direct Investment (FDI) enterprises maintained a trade surplus of US$4.85 billion in the import and export of wood and wood products (W&WP), indicating a decrease from the trade surplus of US$5.877 billion in the same period last year.

Import Market Dynamics:

In November 2023, the import turnover for wood and wood products (W&WP) from most major supply markets demonstrated significant growth. Comparing to the previous month, there was a robust increase: China surged by 9.88%, the United States rose by 18.7%, Thailand saw a notable increase of 22.88%, France experienced a substantial growth of 33.37%, and Congo exhibited a remarkable surge of 88.41%.

Supply Market Overview:

Throughout the initial 11 months of 2023, despite a 19.92% decline compared to the same period last year, China retained its position as the foremost supply market for wood and wood products (W&WP) in Vietnam, amounting to US$682 million. This constituted 34% of the total W&WP import turnover in the country. However, W&WP import turnover from most major markets witnessed a significant decrease compared to the same period last year, with only the French market showing a slight increase of 4.64%.

(Nguồn: Gỗ Việt phân tích từ số liệu Hải Quan /Resource: Go Viet analyzed from Customs data)
(Nguồn: Gỗ Việt phân tích từ số liệu Hải Quan /Resource: Go Viet analyzed from Customs data)

Source: Goviet.org.vn

See more about: Vietnam’s export situation of wood and wood products in the first 11 months of 2023

Rate this post
Similar posts
Vietnam Wood and Wood Products Imports and Exports Achieve Outstanding Recovery in 2024

Vietnam’s Ministry of Industry and Trade recently issued its Trade Information newsletter on July 1, outlining specific trade data on wooden products and handicrafts. In preparation for the 5th Smart...

India Laminated Products Will Require ISI Certification From Next Year

Starting next year, India Laminated Products will need to have ISI (Indian Standards Institute) certification to be marketed and sold. This move is crucial for improving product quality and protecting...

The Surge in Vietnam’s Timber Exports and the Debt Challenges Faced by Local Enterprises

In recent years, Vietnam has emerged as a global leader in timber exports and wood product exports. This boom is largely due to the country’s robust manufacturing sector, which has...