Vietnam Reports Increase in Exports of Wood Products in November

Preliminary statistics from Vietnam’s General Department of Customs reviewed by the ITTO Tropical Timber Market (TTM) Report reveal that Vietnam’s wood and wood product exports reached US$1.3 billion in November, up 1.4% compared to October 2023 and up 11% compared to November 2022. Wood product exports contributed US$880 million, an increase of 0.8% month-over-month and 15.7% year-over-year.

In the first 11 months of 2023, exports of both wood and wood products are estimated at US$12.2 billion, down 17% versus the same period in 2022. In particular, wood product exports are estimated at US$8.3 billion, down 19% versus the same period last year.

Wood and wood product exports to Japan in November amounted to US$126 million, down 27% year-over-year.

In November, Vietnam’s imports of wood raw materials amounted to 406,300 m³, worth US$133.0 million—up 10% in volume and 10% in value compared to October. However, year-over-year, imports declined 16% in volume and 24% in value.

Year-to-date, imports of raw wood are estimated at 4,054 million m³, worth US$1.376 billion—down 27% in volume and 35% in value over the same period in 2022.

Of note, Vietnam has now become the second largest wood pellet producer in the world, only after the United States. Most of the pellets produced in Vietnam are exported, with over 95% of the volume going to Korea and Japan as input materials for power generation.