2021: Another successful year for Vietnam's wood and wood products export

According to statistics of the General Department of Customs, Vietnam's wood and wood products (W&WP)export turnover in December 2021 reached USD 1.43 billion, up 12.4% over the previous month, and up 6.84% compared to December 2020. In which, the export turnover of wood products (WP) reached USD 1.074 billion, up 17.3% over the previous month and up 2.67% compared to December 2020.

For the whole year 2021, W&WP continues to rank 6th in export turnover of goods/ group of goods of Vietnam, reaching USD 14.809 billion, up 19.7% y-o-y. In which, WP’s export turnover reached USD 11.073 billion, up 16.1% compared to 2020, and accounted for 74% of total W&WP export turnover.

Chart of export turnover of Vietnam W&WP from 2009 to 2021

 

2022 Forecast:

The global economy’s growth gradually recovers after Covid-19 pandemic; the consumption of goods increases; FDI investment in Vietnam is increasing; the initiative in production technology and input wood materials will be the driving force for Vietnam W&WP exports to grow by over 20% in 2022.

W&WP export turnover of enterprises with foreign direct investment (FDI) achieved a higher growth rate than the whole industry.

2021, W&WP export turnover of FDI enterprises reached USD 7.464 bln, up 22.4% compared to 2020, and higher growth rate than 19.7% of the whole industry; accounting for 50.4% of the total W&WP export turnover of the industry! In which, FDI’s WP export turnover reached USD 6.82 bln, up 20.48% over 2020, accounted for 92.72% of total W&WP export turnover of FDI sector, and 55.14% of total WP export turnover of the whole industry.

Market share of Vietnam W&WP export turnover in 2021

 

Export market: W&WP export turnover to the US market accounted for 59.24%

In 2021, the United States continues to be the largest market and recorded the highest growth rate among Vietnam's staple W&WP export markets, reaching over USD 8.77 billion, up 22.42% y-o-y; accounting for 59.24% of the total W&WP export turnover of the country, higher than the growth rate of the whole industry.

The following positions belong to 3 Asian markets: China, Japan and Korea. In which, the Chinese market achieved the highest growth, up to 24.71% compared to 2020, at USD 1.49 billion; Japan reached USD 1.43 billion, up 11%; and South Korea reached USD 888.2 million, up 8.5% y-o-y.

In particular, although the export turnover to Malaysian market only reached USD 128 million, the increase reached up to 69.13% compared to last year. Some markets such as the Netherlands with USD 93.3 million, Thailand with USD 66.2 million, Belgium with USD 63.2 million and Denmark with USD 46.14 million also achieved impressive growth, respectively 27.9%, 30.1$, 411% and 42.2% . Lower growth in Canada, France and Taiwan market. In 2021, export turnover to Australia market decreased slightly by 1.62%, reaching 169.2 million USD.

Source: GO VIET, statistics from General Department of Vietnam Customs