Vietnam' s indoor wood products exports to the U.S. soared by nearly 82% in the first half of the year
Vietnam is the largest supplier of indoor wood products to the United States in the first half of this year, with exports of 4.9 billion U.S. dollars.
Taking advantage of existing production advantages and making full use of market opportunities, Vietnam' s timber and furniture industry not only gained a foothold during the COVID-19 pandemic, but also reached new heights in the furniture and wood products market. Especially for the US market, the growth of Vietnam' s exports of indoor wood products to the US market has been impressive.
From 2020 to the first few months of 2021, Vietnam' s furniture and wood products processing and export industry has achieved exciting results, and Vietnam has risen from the fifth place to the world's second largest exporter of wood products.
According to a report by Vietnam’ s "Customs Online", despite the many difficulties affected by the COVID-19 epidemic in recent months, according to data from the Import and Export Bureau of the Ministry of Industry and Trade of Vietnam, the export of timber and wood products reached 10.43 billion U.S. dollars in the first eight months of this year, an increase of 41.9% year-on-year. Among them, wood products reached 8.03 billion US dollars, a year-on-year increase of 46.7%.
It is worth mentioning that according to the statistics of the United States International Trade Commission (USITC), in the first half of this year, U.S. imports of indoor wood products reached 12.4 billion U.S. dollars, a year-on-year increase of 64.6%. Vietnam was the largest supplier of indoor wood products to the United States in the first half of this year, with exports reaching 4.9 billion US dollars, an increase of 81.9% year-on-year.
In addition, Vietnam has successfully replaced China as the largest exporter of furniture products in the US market. In 2020, Vietnamese furniture exports to the United States will still reach 7.4 billion U.S. dollars, an increase of 31% over 2019. At the same time, Chinese furniture exports to the United States reached 7.33 billion U.S. dollars, a decrease of 25% from 2019.
The rapid increase in U.S. imports of indoor wood products from Vietnam indicates that Vietnamese products have met the needs of American consumers. Not only that, but American furniture dealers also believe that if the epidemic does not cause trade disruption and impact on the logistics sector, then Vietnam’ s furniture exports to the United States will be even higher.