2.8. Wood and wood products

- Export: The growth rate of export turnover of wood and wood products has slowed down in 2022. According to statistics from the General Department of Customs, the export turnover of wood and wood products in 2022 reached 16 billion USD, up 8.1% compared to 2021 (lower than the growth rate of 19.7% in 2021).

In terms of exports:

In 2022, exports of most wood products and wood products increased, except for wooden frame chairs; wood, boards and flooring; office furniture. Leading in export turnover is living and dining room furniture reaching 3 billion USD, up 0.5% compared to 2021. Followed by wooden frame chairs reached $ 2.9 billion, down 16.6%; wood chips reached $ 2.7 billion, up 54.9%; Bedroom furniture reached $2.3 billion, up 11.4% from 2021.

The group of wooden furniture products all decreased in 2022 due to weak demand from key import markets due to the impact of inflation. Meanwhile, wood chips and wood pellets have increased export turnover very strongly. Currently, the world's purchasing power for wood chips and wood pellets is growing very fast when raw materials, especially fossil fuels, are increasingly expensive and scarce. In addition, the trend of closing nuclear power plants and coal power plants that emit more and more CO2 emissions, the more environmentally protective materials such as wood pellets and wood chips are in great demand.

About the export market: 2022 is a difficult year for the wood industry. The growth of the industry is mainly due to exports to markets such as China, Japan, South Korea,... Meanwhile, exports to the US, EU and UK have declined due to the impact of inflation.

The United States has always been the main export market for Vietnam's wood industry, after many years of strong growth, by 2022, exports of wood and wood products to the United States will reach 8.7 billion USD, down 1.3% compared to 2021. In 2022, under the pressure of rising inflation, tight consumption reduced the demand for imports of wood and wood products in the United States. The slowdown in the housing market in the United States is the main factor driving the demand for imports of wood and produce wood products, especially wooden furniture in the United States, decreased. Diversifying export markets to promote good growth of the wood industry is the export goal of the wood industry. Therefore, in 2022, while exports of wood and wood products to key markets such as the US, EU and UK tend to decrease, export turnover to markets such as China, Japan and South Korea will increase sharply. Continuing the trend of market movement when key markets face difficulties is the driving force for the wood industry to grow well in 2023.