Vietnam raked in US$5.04 billion from exporting timber and wood products during the first six months of the year, representing an annual increase of 29.8%, according to statistics released by the General Department of Vietnam Customs.
The Ministry of Industry and Trade said the increase in June can largely be attributed to the novel coronavirus (COVID-19) showing signs of slowing in a number of major export markets, including the United States, China, Canada, and Australia.
Most notably, the export of wood products to the US, China, Canada, and Australia witnessed rises of 43.1%, 15.6%, 19.5%, and 28.8%, respectively, from June last year.
Elsewhere wood exports to the EU market enjoyed an upward trajectory in June driven by the German market that saw wood exports increase by 86.7% to US$8.5 million against the same period last year. This comes after several countries were able to successfully prevent the spread of a second wave of the COVID-19 pandemic.
Vietnam was the 11th largest wood furniture exporter to the German market during the first quarter, grossing export turnover of US$38 million, representing a decline of 6% in volume and an increase of 3.4% in value from the same period last year.
With the European Union-Vietnam Free Trade Agreement set to come into force on August 1, along with the impending ratification of the European Union-Vietnam Investment Protection Agreement, there are bright prospects ahead for German and EU small and medium-sized enterprises that are seeking to do business in Vietnam.