Wood exports recovering even in face of COVID-19

After a sharp fall due to adverse impacts of the COVID-19 pandemic, wood export revenue has seen signs of recovery since June thanks to exporters’ efforts to adapt to the situation.

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 Statistics from the General Department of Vietnam Customs show that wood exports reached only 772 million USD in May, a year-on-year fall of over 15 percent.

 But in July, the figures rose to 1.05 billion USD, representing rise of 20.7 percent year on year.

 In the first seven months of 2020, the export of wood and furniture fetched 6.09 billion USD, up 6.2 percent over the same period last year, including 4.44 billion USD from furniture exports.

The growth is attributed to higher demands and impact of the pandemic on wood sector in many countries that forces them to import the product.

 Meanwhile, domestic production has not been interrupted, which enables the country to maintain the sector’s supply capacity to make up the vacancy left by some countries.

 At the same time, the EU-Vietnam Free Trade Agreement, which has become effective since August 1, has also helped raise the competitiveness of Vietnamese wood and furniture in the EU market.

VNA