06-Apr-2023 Intellasia |
The Saigon Times |
5:02 AM
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Vietnamese wooden products exporters are expected to face uncertainties until the end of this year due to falling consumer demand in some major markets, according to VNDirect Securities Corporation.
Statistics from VNDirect Securities Corporation showed that the US demand for housing in February fell 48.1 percent year-on-year while plywood prices were down to $410-415 per tonne.
Many companies saw their export revenues decline by 10-15 percent compared to 2022. The gross profit margin of Vietnamese wood exporters is predicted to shrink by 0.6-1 percentage point in 2023 before improving in 2024.
If China, the second largest importer of Vietnamese wooden goods, fully opens its borders in the second quarter of this year, Vietnamese exports would see positive growth.
However, China’s reopening will also intensify the competition for Vietnamese wood-working businesses when exporting products to the US market.
The export value of wood and wooden products was estimated at $1.2 billion in March 2023, down 22.8 percent over the same period last year.
In the first quarter of this year, the export value of wood and wooden products saw a year-on-year decrease of 28.3 percent to $2.88 billion. Of which, wood product export value reached only $1.87 billion, down 38.5%.
https://english.thesaigontimes.vn/vietnamese-wood-exporters-grapple-with-waning-demand/
Category: Business, Vietnam
Article source: https://www.intellasia.net/vietnamese-wood-exporters-grapple-with-waning-demand-1160057