HCMC – The export value of Vietnamese forest products is estimated to reach US$16.5 billion in 2022, up 4% over the same period last year, resulting in a trade surplus of around US$13 billion, according to the Ministry of Agriculture and Rural Development.

Despite woes being caused by the Russia-Ukraine conflict, the Covid-19 pandemic, and competition, Vietnam gained around US$15.57 billion from exports of forest products in the first 11 months of this year.

This remarkable result is partly because of the price surges of forest products. For example, wood pellets increased from US$120 per ton to US$195 per ton, while wood chips soared from US$130 per ton to US$200 per ton in 2022.

Due to the Russia-Ukraine conflict and disruptions to supply of gas for heat and power, many European countries imported wood pellets from Vietnam for heat in the winter.

China, Japan, and South Korea, the three countries consuming over 85% of wood chips worldwide, decided to import wood chips from Vietnam, instead of Australia, Chile, South Africa and Brazil because of the surges in fuel and shipping costs.

However, the export of wood and non-timber forest products will face challenges in 2023 when consumer demand ebbs as runaway inflation forces people to tighten their belts.