Vietnam optimistic about the positive growth in furniture exports to Europe

 

Vietnam's wooden products exports are continuously emerging in the global market. Vietnam's furniture exports are continuously increasing at an annual rate of 10%. Vietnam customs data reports show that around $16 billion of wooden products exports were recorded during fiscal year 2022. From $12 billion exports in FY 2020 to $14 billion exports in FY 2021, Vietnam has done significantly well in the forest products exports sector.

European Union countries are the biggest market for Vietnam's wooden products exports, accounting for over 90% export share. After the EU, other major markets for Vietnam's wooden products exports are the United States, Japan, South Korea and China. 

Although, Vietnam 's wooden products exports during the first eight months of FY 2023. Vietnam is working on reviving its wooden products exports this year. According to Vietnam import export data, the United Kingdom which is the biggest market for Vietnam's wooden products exports have accounted for $152 million dollars with a decline of 26%. This was basically due to low demand, tariffs and strict policy of the UK government. 

Due to the free trade agreement between the UK and Vietnam, Vietnam's exports to the UK market had seen rapid growth. Vietnam export data suggests that the UK imported over $6 billion worth of Vietnamese goods in the last fiscal year. Whereas, in the first quarter of 2023, the export sales jumped to 46.5 billion euros.

Vietnam’s most popular exports to the UK includes electronics equipment, iron, furniture, computers, footwear, etc. On the other hand, Vietnam imported around $900 billion worth of goods from the United Kingdom. These were mostly liquor, paper products, medicines, scrap iron, animal meals, as recorded under Vietnam import data.

Apart from the UK, other prominent export markets for Vietnam's furniture exports are Germany, Belgium and the Netherlands. Germany has imported over $2 billion worth of wooden furniture during FY 2022. Whereas, Netherlands accounted for $1.5 billion of furniture imports from Vietnam. And Belgium furniture imports remained at $786 million in the fiscal year 2022. 

In terms of import value, other prominent Vietnamese furniture importers were Denmark ($721 M), Sweden ($618 M), Spain ($592 M), Italy ($427 M) and Poland ($465 M). Vietnam will look to extend its wooden furniture exports in the European market. Apart from Europe, the USA was the most favoured destination for Vietnamese furniture exports.

As per global import export data, the US was responsible for over $10 billion worth of Vietnamese wooden products. After the USA, China ($1.2 B), South Korea ($893 M) and Japan ($1.42 B) were other major markets in terms of wooden product imports from Vietnam. 

Also, Vietnam’s furniture demand in Australia grew significantly during the financial year 2022. As, Australia imported over $246 million worth of wooden products from Vietnam during this period. The forecast for Vietnam’s furniture exports is quite positive. Vietnam furniture exporters can extend their exports to the global market. 

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