Vietnamese wood exports recover during the first half of the year
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|The export of timber and wood products enjoyed a surge of 19.8% (Photo: CafeF)|
In June, the export of timber and wood products enjoyed a surge of 19.8% to USD 769 million compared to June last year, according to VOV.
The Ministry of Industry and Trade said that the rise in June can largely be attributed to the novel coronavirus slowing down in some major export markets, including the US, China, Canada, and Australia.
Most notably, the export of wood products to the US, China, Canada, and Australia witnessed rises of 43.1%, 15.6%, 19.5%, and 28.8%, respectively, from June last year.
|The growth rate of forestry production value reached more than 2.1% (Photo: Bao tin tuc)|
It is worth noting that the EU market thanks to the strong stimulus packages of regional policy makers, plus most EU countries have prevented the 2nd wave of Covid-19 epidemic, helping to boost the consumer demand in the EU market, Industry and Trade News reported.
The forestry sector achieved remarkable results in production and business in the first 6 months of 2020. In particular, the growth rate of forestry production value reached more than 2.1%. As of June 30, the country has planted more than 106,000 hectares of concentrated forests, reaching more than 48% of the year, up 0.2% compared to the same period in 2019.
Up to now, some countries have concluded that a number of major markets are continuing to investigate, so this year's assessment of forest product processing and export is not as simple as previous years, informed Vinanet.
|Vietnam was the 11th largest wood furniture exporter to the German market (Photo: Industry and Trade News)|
Elsewhere wood exports to the EU market enjoyed an upward trajectory in June driven by the German market that saw wood exports increase by 86.7% to US$8.5 million against the same period last year. This comes after several countries successfully prevented the second wave of the Covid-19 pandemic.
Vietnam was the 11th largest wood furniture exporter to the German market during the first quarter, grossing export turnover of USD 38 million, representing a decline of 6% in volume and an increase of 3.4% in value from the same period last year.
With the Europe Union - Vietnam Free Trade Agreement set to come into force on August 1, along with the impending ratification of the Europe Union - Vietnam Investment Protection Agreement, there are bright prospects ahead for German and EU small and medium-sized enterprises that are seeking to do business in Vietnam.
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