Wood exports hoped to reach USD 9 billion ahead of schedule

Vietnam’s forestry sector expects to fulfill this year’s export target of USD 9 billion a month ahead of schedule. Photo: alibaba.edx.vn

About USD 696 million worth of timber and wood products were shipped abroad in August, raising the eight-month figure to USD 5.6 billion - up 12.6 percent year on year, according to the Vietnam Administration of Forestry (VNForest).

The US, China, Japan and the Republic of Korea were the main markets of the Vietnamese wood sector during the period.

Timber and wood product exports are hoped to earnUSD  9 billion in 2018, up USD 1 billion from last year, giving the sector a good chance to achieve the target a full month early.

VNForest said the biggest success in wood trading is maintaining export growth while curbing the increase of imports.

The sharp fall in wood imports from Laos and Cambodia was thanks to a prohibition of exporting wood from planted forests, along with efforts by the Vietnamese Government and businesses to control wood imports from the two neighboring countries.

Meanwhile, imports from some countries with strong wood industry laws like Brazil, Chile and the US have grown well.

VNForest added that Vietnam will press ahead with diversifying wood import sources in the short term, while in the long term, it will develop timber forests to ensure supply for domestic production.

Source: VNA