Eight-month wood export turnover up 10.3 percent
Illustrative image (Photo: VNA)
Hanoi (VNA) – Vietnam earned 783 billion USD from exporting forestry products in the first eight months of 2020 up 10.3 percent year-on-year and accounting for 29.9 percent of the agricultural sector’s total export turnover.
According to the Ministry of Agriculture and Rural Development ’s Vietnam Administration of Forestry, the export value of wood and wooden products in the period was 732 billion USD, up 9.6 percent over the same period last year.
The export of non-timber forestry products surged 21.6 percent, reaching 511 million USD.
The US, Japan, China, the EU, and the Republic of Korea remained key importers of Vietnamese forestry products in the eight-month period, with a total value of 7 billion USD, or 89.5 percent of the country’s forestry export value.
The sector’s import value fell 9.3 percent, resulting in a trade surplus of 631 billion USD in the period.
The Voluntary Partnership Agreement (VPA) on Forest Law Enforcement, Governance, and Trade (FLEGT) between Vietnam and the EU, which took effect on June 12019 has helped raise the competitiveness of Vietnamese wood and furniture in the EU.
Vietnam’s wooden furniture export turnover accounts for only 6 percent of the global market, meaning Vietnamese businesses have substantial opportunities to expand.
According to Do Xuan Lap, Chairman of the Vietnam Timber and Forest Product Association (VIFOREST), exports of forestry products are predicted to rise 20 percent to 12.5 billion USD this year./.
- FOUNDATION FOR ANGELMAN SYNDROME THERAPEUTICS (FAST) ANNOUNCES $5 MILLION GIFT TO ADVANCE CLINICAL TRIALS IN RARE NEURODEVELOPMENTAL DISORDERS
- Epiprotect reduces the cost for treatment of hard to heal leg ulcers with 83%
- Pit Pat Makes Online Running a Reality - Running Races via Apps Has Become a Daily Routine for Some Runners
- Cure Brain Cancer Foundation Rings Nasdaq Opening Bell, Announces U.S. Expansion
- Build a school and catch truant students in this new pixel School-sim