HIGHLIGHTS
- In the first 9 months of 2021, the US’s value of wooden furniture import from Vietnam reached 6.7 billion USD. That made Vietnam overtake China to become the largest wood exporter to the US.
- Vietnam and the USA reached an agreement about strengthening the control of logging origin. That perhaps boosts the export of Vietnam not only by quantity but also quality.
FULL ARTICLE
The rapid growth of wooden furniture exports
According to Furniture Today, in 2020, Vietnam exported 7.4 billion USD of furniture to the US, which increased by 31% compared to 2019, surpassing China with 7.33 billion USD in export value in the same period.
Recently, the US International Trade Commission (USITC) showed that in the first 9 months of 2021, the market which contributed the largest value in US furniture import was Vietnam.
The total import value reached 6.7 billion USD, which is relevant to 40.6% of the total wooden furniture import value into the US.
According to the Vietnam General Department of Forestry, the export of wood and wood products in September 2021 brought in 750 million USD, a cumulative value of 9 months reaching 11.14 billion USD, which was up 30.9% compared to the corresponding last year.
Good news from the US market
Recently, Vietnam and the US reached an agreement about the control of illegal logging and trade.
This is the basis for the US to stop the investigation in a way that is detrimental to the export of Vietnam’s wood and wood products to this market. That contributed to improving the reputation of Vietnam in the international market.
This agreement was regarded as Vietnam’s high commitment to control the origin of logging, which will help Vietnamese wood to expand export markets. The signing of the agreement promises to promote Vietnam’s wood trade to the US.
According to the Vietnam Timber and Forest Products Association, the recovery of the US economy is boosting the demand for wooden furniture in this market, especially at the end of the year. Total demand may reach 100 billion USD in 2021 in the context that the US’s economy was forecast to grow by 6-7%. Thus, the opportunity to export to the US market will be very positive if the epidemic situation is under control.
Manh Nguyen
FURTHER READING
Vietnam: The second largest garment exporter in the world
