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Forestry exports increase by 41.5% in first quarter of 2021

March 30, 2021 | 11:03

Vietnam earned about $1.52 billion from wood and forestry exports in March, raising the value in the first three months of this year to over $3.94 billion, up 41.5 percent year-on-year.

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Vietnam earned about $1.52 billion from wood and forestry exports in March, raising the value in the first three months of this year to over $3.94 billion, up 41.5 percent year-on-year, Vietnamplus reported.

Of which, exports of wood and wooden products nearly touched $3.7 billion, up 41.5 percent, and exports of non-timber forestry products reached $243 million, up 38.4 percent.

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Forestry exports increase by 41.5% in the first quarter of 2021. Photo: VNA

According to the Vietnam Administration of Forestry under the Ministry of Agriculture and Rural Development, major export markets for Vietnamese timber and forestry products were the US, Japan, China, the EU, and the Republic of Korea (RoK), accounting for up to 90 percent of the total value.

Meanwhile, the import value of wood and wooden products was estimated at $227 million in March and $709.6 million in the first quarter, up 31 percent over the same period last year.

The domestic forestry sector ran a trade surplus of over $3.23 billion in the three-month period, up 43.4 percent year-on-year.

Vietnamese enterprises have been importing wood and forestry products from China, the US, Cameroon, Thailand, and Chile, accounting for about 55 percent of the accumulative import revenue.

The rise in the import value was due to higher prices of raw materials and increasing demand.

The Vietnam Administration of Forestry also reported that localities nationwide planted 31,498 hectares of forest so far this year, up 16 percent as compared with the same period last year.

Viet Nam aims to earn $14.5 billion from forestry exports this year

Forest product exports are expected to reel in $14.5 billion this year, up 12 percent against 2020, an official has said.

Deputy Minister of Agriculture and Rural Development Ha Cong Tuan unveiled the target on the growth of the forestry sector over the next five years.

Export value is set to reach $20 billion in 2025. During the five-year period, he said, the sector will work to sustain the forest coverage rate at 42 percent, expand distribution markets, develop long-term trade partnerships, and promptly address trade issues for mutual benefits in line with international commitments.

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Viet Nam aims to earn $14.5 billion from forestry exports this year. Photo: VNA

The minister also touched on a number of positive outcomes made by the sector last year despite COVID-19, according to the World & Vietnam Report.

Viet Nam exported forest products worth over $13.22 billion, up 16.9 percent against the previous year, and 5.7 percent higher than the annual target.

The country now ranks fifth globally, second in Asia, and first in Southeast Asia in terms of forestry exports, with woodwork products available in over 120 countries and territories worldwide.

The US, Japan, China, the EU, and the Republic of Korea are the top five importers for the sector, with combined import value exceeding $11 billion or about 90 percent of Viet Nam’s total forestry export turnover.

The country has more than 5,500 companies operating in wood and forest product processing, which generate millions of jobs.

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Malie Nguyen