Illustrative image (Source: VNA) HCM City (VNA) – After a sharp fall due to adverse impacts of the COVID-19 pandemic, wood export revenue has seen signs of recovery since June thanks to exporters’ efforts to adapt to the situation.
Statistics from the General Department of Vietnam Customs show that wood exports reached only 700 million USD in April and 772 million USD in May, a year-on-year fall of 19 percent and over 15 percent, respectively.
But in June and July, the figures rose to 946.9 million USD and 1.05 billion USD, representing respective rises of 15.6 percent and 20.7 percent year on year.
In the first seven months of 2020, the export of wood and furniture fetched 6.09 billion USD, up 6.2 percent over the same period last year, including 4.44 billion USD from furniture exports.
Nguyen Chanh Phuong, Vice Chairman of the Handicraft and Wood Industry Association of Ho Chi Minh City, attributed the growth to higher demands and impact of the pandemic on wood sector in many countries that forces them to import the product.
Meanwhile, domestic production has not been interrupted, which enables the country to maintain the sector’s supply capacity to make up the vacancy left by some countries.
At the same time, the EU-Vietnam Free Trade Agreement (EVFTA), which has become effective since August 1, has also helped raise the competitiveness of Vietnamese wood and furniture in the EU market.
The efforts of producers and exporters to adapt to the situation and seek solutions have also greatly contributed to the recovery of the sector./.
VNA
