2023 Vietnam Wood Furniture Exports Fell 15.8%

Recently, statistics from Vietnam's Ministry of Agriculture and Rural Development show that the country's timber and furniture industry exports in 2023 reached 14.39 billion US dollars, down 15.8% year-on-year.

In addition, countries have issued different regulations on the sustainability of production and exports, and the ministry expects the export situation of Vietnam's timber industry to be more severe in 2024.

According to the report, Vietnam's major export markets have increasingly stringent regulations on the legality and sustainability of forest products. Specifically, the EU Deforestation Regulation (EUDR), implemented by the EU, requires products imported into this market to prove their legality, origin, and that they do not contribute to deforestation or forest degradation.

In addition to the EU, many other markets have also instituted strict new policies, causing many difficulties for timber exports. The US market has called for more frequent anti-dumping investigations against Vietnam's furniture industry and for the country to comply with relevant labor and employment regulations. Japan also requires imported wood products to carry sustainability certificates.

German importers require Vietnamese exporters to provide additional certificates related to the origin of the product, employment status, wages, waste disposal and other relevant certificates. At the same time, Canada currently prefers to require importers to provide environmental proof in product design, manufacturing and marketing strategies.
The sustainability regulations of various countries have brought layers of difficulties to Vietnam's furniture exports, and coupled with the fact that import demand in markets such as Europe and the United States has not yet recovered to previous levels, 2024 May be more difficult for Vietnamese furniture exporters.