In 2023, the impact of economic decline in key export markets of the Vietnamese wood industry, the Russia-Ukraine war, the energy crisis, especially in the EU, and a number of other macro factors will cause causing consumer demand for wooden furniture to decline sharply. As a result, Vietnam's W&WP export turnover has decreased by 15.9% compared to 2022, reaching only 13.18 billion USD.

The report on import and export of wood industry in 2023 and trends in 2024 was shared at the conference on wood processing industry, export of wood and forest products in the first quarter of 2024. Highly updated information on the import and export situation Vietnam's wood and wood products (G&WP) in 2023 and provide some forecasts on the export trend of main products of Vietnam's wood industry in 2024.

Export situation in 2023

In 2023, the impact of economic decline in key export markets of the Vietnamese wood industry, the Russia-Ukraine war, the energy crisis, especially in the EU, and a number of other macro factors will cause causing consumer demand for wooden furniture to decline sharply. As a result, Vietnam's W&WP export turnover has decreased by 15.9% compared to 2022, reaching only 13.18 billion USD.

Main export markets

Vietnam's export turnover in some main export markets in 2023 is as follows:

US: Export turnover reached over 7.1 billion USD, down 16.3% compared to 2022, accounting for 53.9% of the total export value of the industry to all markets.
China: over 1.73 billion USD, down 20.4% compared to 2022, accounting for 13.1% of total export turnover.
Japan: over 1.65 billion USD, down 12.5% compared to 2022, accounting for 12.6% of the total export value of the industry.
South Korea: 796.8 million USD, down 21.3% compared to 2022, accounting for 6% of total export turnover.
EU: 455.51 million USD, down 29.5% compared to 2022, accounting for 3.5% of total export turnover.
Canada: 202.85 million USD, down 12.9% compared to 2022, accounting for 1.5% of the total export turnover of the wood industry.
England (UK): 190.82 million USD, down 18.1% compared to 2022, accounting for 1.4% of total export turnover.
Main export items

Items with large export turnover in 2023 include:

Wooden furniture (HS 9403): over 5.29 billion USD, down 22.5% compared to 2022, accounting for 40.2% of total export turnover of W&WP products.
Seats (HS 9401): over 2.83 billion USD, down 5.1% compared to 2022, accounting for 21.5% of total W&WP export turnover.
Wood chips (HS 4401.22): over 2.21 billion USD, down 20.4% compared to 2022, accounting for 16.8% of total W&WP export value. Export volume in 2023 will reach over 14.41 million tons, down 8.8% compared to 2022.
Plywood and composite wood: 888.88 million USD, down 14.3% compared to 2022, accounting for 6.7% of total W&WP export turnover. Export volume is over 2.77 million m3, an increase of 1.2% compared to 2022.
Pellets: 679.59 million USD, down 13.7% compared to 2022, accounting for 5.2% of total W&WP export turnover. Export volume reached 4.67 million tons, down 4.3% compared to 2022.
Peeled board: 219.92 million USD, up 25% compared to 2022, accounting for 1.7% of total W&WP export turnover. Export volume reached nearly 1.12 million m3, an increase of 5.5% compared to 2022.
Import situation in 2023

In 2023, Vietnam's W&WP import turnover will reach nearly 2.19 billion USD, down 28.7% compared to 2022. High-value imported products mainly belong to the wood material group (HS4403, 4407) .

Main import markets

China: Import turnover from this market reached 760.2 million USD, down 16.7% compared to 2022.
US: 238.05 million USD, down 31% compared to 2022.
Cameroon: 176.59 million USD, down 32.2% compared to 2022.
Laos: 111.42 million USD, down 19.7% compared to 2022.
Thailand: 105.39 million USD, down 16.1% compared to 2022.
Main imported products

Round wood: Import volume reached over 1.62 million m3, down 35.9% compared to 2022. Import value reached 454.52 million USD, down 39.2% compared to 2022, accounting for 20.7%. total import turnover of G&SGP from all markets.
Lumber: Import volume reached over 1.93 million m3, down 27.7% compared to 2022. Import turnover reached 748.35 million USD, down 37.4% compared to 2022, accounting for 34.1% of total turnover. G&SGP import quota from all markets.
Veneer, peeled boards: imported over 194.05 thousand m3, reaching 229.58 million USD, down 20% in volume and 23.6% in value compared to 2022, accounting for 10.5% of total G&SGP import turnover from all markets.
Plywood: imported over 392.83 thousand m3, reaching 159.38 million USD, up 9.7% in volume but down 10% in value compared to 2022, accounting for 7.3% of total W&WP import turnover.
Fiberboard: imported over 527.13 thousand m3, reaching 146.98 million USD, down 4.1% in volume and 14.6% in value compared to 2022, accounting for 6.7% of total W&WP import turnover.
For detailed information, please see the report