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Challenges for Vietnam’s wood industries in January 2023

CN,Tháng Ba 12,2023

Challenges for Vietnam’s wood industries in January 2023

There was a decline in W&WP exports to almost all markets in January 2023. Exports to the US, the top market, were valued at US$367.3 million, down 60% compared to January 2022, followed by the Chinese market (US$132.9 million, down 1%) and Japan (US$129.1 million, down 13%). According to the Import and Export Department under the Ministry of Trade and Industry the US housing sector is expected to remain weak in 2023 so US demand for wooden furniture will slow. The generally weak demand in international markets notably Japan and South Korea has led to reduced orders and downward price pressure. Although the Chinese market has reopened the Chinese domestic supply chain has not fully recovered which is hampering the recovery in sales

Under the current conditions the Import and Export Department forecasts that Vietnam’s W&WP exports in 2023 are not bright as consumers in target markets are continuing to tighten spending under the pressure of inflation. However, some markets in Europe, especially non-EU countries remain healthy for living room and dining room furniture, products in which Vietnam is very competitive. The Ministry of Industry and Trade has been actively coordinating with relevant ministries and industry to implement trade promotion activities to support the exporters build and promote Vietnamese brands through national programmes on trade promotion and programmes to support enterprises improve product design and development capacity. The Ministry of Industry and Trade has directed overseas trade promotion organisations to regularly support Vietnamese enterprises, help wood industry associations gather market information and help exporters take advantage of existing FTAs to improve market access. At the same time the Ministry urges relevant agencies to provide early warnings of market risks associated with trade protection measures in various countries.

See: https://markettimes.vn/kho-khan-bua-vay-nganh-xuat-khaugo-va-san-pham-go-trong-thang-1-2023-17881.html

Source: ITTO

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