VIETNAM – In 2024, Vietnam’s export turnover of forest products is expected to reach a historic high of USD 17.3 billion, with wood and wood products contributing USD 16.3 billion. The trade surplus from these exports is projected to be USD 14.4 billion.

In December 2024, exports of wood and wood products reached USD 1.55 billion, a 6% increase from November and a 15.8% rise from December 2023. Wood products alone contributed USD 1.1 billion, a 7.5% increase from November and 15.5% from December 2023

For the year, the export turnover of wood and wood products increased by 21% from 2023, with wood products estimated to reach USD 11.2 billion, up 22%. Notable categories with strong growth included wooden frame chairs, living room and dining room furniture, wood chips, and bedroom furniture.

The U.S. remains Vietnam’s largest market, accounting for over 55% of the total export turnover. Exports to the U.S. grew significantly due to rising demand and reduced inventories. Other key markets like the EU, Japan, and South Korea continue to be crucial for exports.

In the first 11 months of 2024, the U.S. led with USD 8.2 billion in exports, a 24.6% increase. China followed with USD 1.9 billion (up 21%), Japan with USD 1.6 billion (up 3%), and South Korea with USD 722.4 million (up 0.6%).

Vietnam’s forestry sector also saw positive growth in raw wood imports, reaching USD 1.64 billion, a nearly 25% volume increase compared to 2023. The Forestry Department projects a 5% production growth rate in 2025, with forestry exports expected to reach USD 18 billion.