The Ministry of Agriculture and Rural Development of Vietnam is reporting that wood and wooden product exports in July were valued at $1.05 billion. A year-over-year increase of 6.2%. The US, China, Japan, and the Republic of Korea remained the top four export destinations and account for 84% of all wood and wooden product exports. Over the last 5-years, Vietnam’s plywood industry has grown at an average rate of 31% annually. The E.U. – Vietnam Free Trade Agreement is scheduled to take effect in August and Vietnam is projecting that wood and wooden product export revenues will increase by 17% as tariffs are lifted.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.