Many major markets recovered, timber and wood product exports increased sharply in Q1
- 173
- Business
- 15:47 05/04/2024
DNHN - Timber industry businesses accelerate production to meet export schedules, opening up positive signals and bringing expectations for the Vietnamese timber industry in 2024.
Preliminary statistics from the General Department of Customs show that the export value of timber and wood products in March 2024 is estimated to reach 1.12 billion USD, an increase of 46.3% compared to February 2024, but a decrease of 1.9% compared to March 2023. Of which, the export value of wood products is estimated to reach 749 million USD, an increase of 57.8% compared to February 2024, but a decrease of 3.9% compared to March 2023.
In the first three months of 2024, timber and wood product exports are estimated to reach 3.4 billion USD, an increase of 18.9% compared to the same period in 2023. Of which, the export value of wood products is estimated to reach 2.3 billion USD, an increase of 22.9% compared to the same period in 2023.

According to the Import and Export Department (Ministry of Industry and Trade) and the Industrial and Trade Information Centre, the favourable start in the first months of the year with increasing orders and timber industry businesses accelerating production to meet export schedules has opened up positive signals and brought expectations for the Vietnamese timber industry in 2024.
In particular, the demand in major markets such as the United States, China, Canada, the United Kingdom and markets in the EU bloc is recovering, bringing optimism to Vietnam’s timber export industry.
In terms of export market structure, the United States continues to be the largest destination for Vietnamese timber products. In the first two months of 2024, the export value to the United States accounted for 53.2% of the total export turnover of timber and wood products, reaching 1.2 billion USD, an increase of 51.7% compared to the same period in 2023.
However, the over-reliance on the US market increases the risk for the timber industry. Therefore, diversifying export markets will minimise risks and enhance the sustainability of the timber industry. In addition, improving product design and models will also help attract more international customers.
Besides the US market, timber and wood products are also exported to some other markets with high growth rates in the first two months of 2024, specifically exports to the Chinese market reached 306.3 million USD, an increase of 25.3% compared to the same period in 2023. Next is the Canadian market at 36 million USD, an increase of 47.4%; the UK at 32.8 million USD, an increase of 35.2%; the Netherlands at 23.2 million USD, an increase of 46.9%; and France at 22.1 million USD, an increase of 26.7%.

Although the signals at the beginning of 2024 are quite optimistic, timber export businesses are facing new difficulties. If the tension in the Red Sea continues, freight rates will increase.
In this context, Mr Tran Quoc Manh, Vice Chairman of the Handicraft and Wood Industry Association of Vietnam, said that many businesses in the industry have proactively coordinated with foreign customers to produce new models with their brands to capture the target market. Many new markets such as China, India, Malaysia, Cambodia, Singapore, Laos, Indonesia, and the Philippines are being exploited by timber and wood product export businesses and are achieving quite good growth.
Mr Nguyen Quoc Khanh, Chairman of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA), said that the association’s members are focusing on contributing to the industry’s transition from Original Equipment Manufacturing (OEM) to developing their Original Design Manufacturing (ODM) to enhance the value of “made in Vietnam” products.
The HAWA representative also affirmed that the Vietnamese wood processing and furniture industry is currently one of the industries with the largest trade surplus in the country. Even in 2023, despite difficulties and a decrease in export turnover, the timber industry still brought in a trade surplus of more than 10 billion USD.
P.V
Related news
- Mr. Le Viet Thang, CEO of 1Office: "Don’t use old solutions for new ai challenges"
- VinFast: a strategic pivot amid the green industry storm?
- 127 high-value projects post-merger: Ho Chi Minh City rolls out the red carpet for strategic investors
- Pakistani Ambassador to Vietnam: “Peace and unity are the strength to build the future.”
- Vietnam's Semiconductor Leap: Five Strategic Policies to Reach 2027 Goal
- What’s Vietnam’s game plan as President Trump pressures the Fed?
- SK Innovation and HD Hyundai (South Korea) step up cooperation with Khánh Hòa Province (Vietnam)
- Quang Tri attracts $96.5 mln in new projects in July
- A trade fair organizer surprises by joining the ranks of top-earning listed companies
- HDBank secures USD 215 million syndicated loan from JICA, SMBC, and FinDev Canada
- Samsung Electronics Vietnam inaugurates its first rooftop solar project at Bac Ninh Factory
- Promoting market development for science and technology products
- Sao Mai Group’s pangasius export segment embraces new opportunities
- Energy transition in Vietnam: Opportunities and challenges from coal power to renewables
- Renewable energy: Steering in the right direction of the times
- Clean energy must be protected by transparent, stable, and consistent policies
- European-standard ingredients: Inspiring culinary journeys from the heart of the kitchen
- The foundational mark of pioneers in renewable energy amidst an evolving legal framework
- Taste of Queensland: Strengthening Vietnam–Queensland Partnerships through Culinary Diplomacy
Đọc thêm Business
VinFast: a strategic pivot amid the green industry storm?
As the global auto industry accelerates its transition to electric mobility, VinFast faces its toughest test yet: soaring financial pressure, heated debates on phasing out combustion engines, and mounting global competition.
127 high-value projects post-merger: Ho Chi Minh City rolls out the red carpet for strategic investors
Ho Chi Minh City has unveiled a portfolio of 127 strategic projects as part of a major investment restructuring effort post-boundary expansion, signaling a shift toward selective and high-impact investment in technology, finance, and logistics.
Vietnam's Semiconductor Leap: Five Strategic Policies to Reach 2027 Goal
Vietnam has set an ambitious target: to manufacture "Make in Vietnam" semiconductor chips by 2027. This bold commitment marks a defining moment in the country’s high-tech trajectory, positioning Vietnam as a rising contender in the global chip race.
What’s Vietnam’s game plan as President Trump pressures the Fed?
In a move that rattled political circles and financial markets worldwide, U.S. President Donald Trump declared he would sue Federal Reserve Chairman Jerome Powell for “stifling growth” with high interest rates.
Quang Tri attracts $96.5 mln in new projects in July
The provincial authorities approved investment policy for 13 projects in the month of July.
Samsung Electronics Vietnam inaugurates its first rooftop solar project at Bac Ninh Factory
July 31, 2025, Samsung Electronics Vietnam (SEV) officially inaugurated the rooftop solar power project at the SEV factory in Yen Phong Industrial Park, Bac Ninh.
Promoting market development for science and technology products
The Trade Promotion Agency affirmed that it will continue close coordination with trade offices, domestic entities, and industry associations to effectively implement trade promotion programs tailored to science and technology products.
European-standard ingredients: Inspiring culinary journeys from the heart of the kitchen
The EU Good Food – Good Life campaign, funded by the European Union, has enriched the variety of EU-standard food ingredient options available in the Vietnamese market.
Taste of Queensland: Strengthening Vietnam–Queensland Partnerships through Culinary Diplomacy
Against the elegant backdrop of the “Taste of Queensland” networking dinner, government officials, business leaders, and investors from Vietnam and the Australian state of Queensland gathered to celebrate and advance a thriving bilateral relationship
“Lithuanian President’s visit opens a new chapter in bilateral cooperation with Vietnam”
This assessment was shared by Mr. Arunas Karlonas, Commercial Affairs Counsellor of the Lithuanian Embassy, regarding the potential cooperation between the two countries following the recent official visit of the Lithuanian President to Vietnam.