Stunning Vietnamese wood product exports in 1H 2020

According to Vietnam Customs, at the end of June 2020, wood and wood product (W&WP) export revenues amounted to US$4.903 billion, 4% up compared to the same period of 2019 and 22% higher than in May.

The W&WP export growth over the first 6 months of 2020 demonstrates the strong resilience of the Vietnamese wood industry despite the impact of COVID-19 control measures. The US, China, Japan, South Korea and EU are the top destinations for Vietnamese W&WP exports.

As the top market the US accounted for 52% of total export revenues or US$2.53 billion, up 18% YoY in 1H. In particular, exports to the US in June increased by 42% compared to May.

W&WP exports to China contributed 13% to total exports at US$648.5 million, 12% higher than the same period of 2019. In June 2020, exports to China declined by 12% month on month.

The Japanese market consumed US$587.5 million in exports equivalent to 12% of total W&WP export revenue. In June, export to Japan rose US$75.57 million but this was 9% down against May.

Exports to EU-27 dropped to US$254.47 million or 5% of the total export revenue in 1H 2020. June exports totaled US$39.8 million, 8% up compared to May.

W&WP shipped to South Korea in 1H 2020 were worth US$400.38 or around 8% of all first half exports but were down 5% over the same period of 2019.

Exports during June have been reported as US$ 56.39 million, 27% down compared to May.

W&WP export to other markets including Australia, India, Taiwan P.o.C, Malaysia, UK, Indonesia and the Philippines declined during the first half of 2020, while exports to Hong Kong, Canada and Thailand grew.