Due to market influences, the wood industry still faces many obstacles.

DNHN - One of the major challenges the wood industry is facing is the scarcity of orders from important markets.

According to data from the General Department of Customs, Vietnam's wood and wood product export industry has recently encountered several significant difficulties and challenges. In its report on the export situation in August 2023 and the first eight months of 2023, the Import-Export Department (Ministry of Industry and Trade) released gloomy numbers and emphasized the current situation's complexity.

Vietnam's exports of wood and wood products reached $1.1 billion in August 2023, down 1.9% from July 2023 and down 22.8% from the same month in 2022. The exports of wood products are projected to reach 742 million USD, down 0.7% from July 2023 and down 17% from August 2022.

In the first eight months of 2023, the export of wood and wood products totaled 8.3 billion US dollars, a decrease of 25.9% from the same period in 2022. The export of wood products during this period reached 5.6 billion USD, down 28.4% over the same period in 2022.

One of the major challenges the wood industry is facing is the scarcity of orders from important markets. The wood industry is in a state of depleted cash flow due to dwindling profits and difficulties in collecting payments from foreign clients.

Export capabilities have been hindered by trade barriers in the US and EU markets. Declining aggregate demand, inflation, armed conflict, and global political instability have created a challenging business climate.

Major economies such as the United States and the European Union have reduced spending on non-essential goods, reducing the demand for wooden furniture. In addition to furniture, exporting many other wood and wood products is difficult.

In general, Vietnam's wood and wood product export sector is experiencing unprecedented challenges. The ability to increase exports in the final months of the year may continue to encounter numerous obstacles. Finding diverse solutions and promoting sustainable trade could be the key to overcoming these obstacles and ensuring the wood industry's future stability.

P.V (t/h)