Vietnam's exports of wood and wood products climb in value 15.2% in 2013 year-over-year to US$5.37B; country plans to boost domestic supply of raw materials to reduce reliance on imports
January 7, 2014
– Vietnam’s wood products exports in 2013 reached a value of US$5.37B, up 15.2% from 2012, according to statistics from the Vietnamese Ministry of Agriculture and Rural Development, IHB reported on Jan 6, citing the Vietnam News Agency.
The average growth rate of exports from the Vietnamese wood industry for the last decade has been about 15.5% per year, with top export destinations including the U.S., China and South Korea.
However, wood imports are also on the rise, largely because the domestic manufacturing industry lacks access to enough quality wood and relies on large quantities of imported raw materials. Vietnam’s wood imports grew at an average annual rate of 12.1% from 2007 to 2012, reaching a value of US$1.68 billion in 2013, up 24% from the previous year, IHB noted.
The higher cost of wood imports forces up prices of Vietnamese-made wood products, impacting on their competitive advantage internationally, so the government is aiming through its national forest industry development strategy to boost domestic timber production by 2020.
The primary source of this article is IHB/FORDAQ, Brussels, Belgium, on Jan. 6, 2014.