The plywood market is gradually expanding

Recently, according to data released by the International Trade Center (ITC), in the first 11 months of 2022, Vietnam's plywood exports reached 1.1 billion US dollars, ranking fifth among the world's top five plywood exporters.

During this period, China ranked first with exports of 5.89 billion US dollars, followed by Indonesia with total exports of 2.51 billion US dollars, while Russia and Brazil ranked third and fourth with exports of 1.9 billion US dollars and 1.2 billion US dollars respectively.

By vigorously developing the domestic wood processing industry, Vietnam has been among the top five plywood exporters in the world since 2018. The total export volume has also jumped from $774 million in 2018 to $1.2 billion in 2021 and $1.1 billion in 2022

Not only that, Vietnam has a significant share in the global plywood market, with the United States being one of its largest markets, accounting for 40%; In Asia, in addition to China and Japan, South Korea is also its main market, accounting for approximately 24%.

However, last September, the United States Department of Commerce announced an extension of the deadline for the issuance of the final conclusions of the anti-dumping and countervailing tax evasion investigation on hardwood and plywood imports from Vietnam, which has also affected the plywood industry in Vietnam.

Against the backdrop of the epidemic and weak demand in the European and American markets, the Vietnamese plywood industry stabilized its pace in 2022, handing over a total export volume of $100 million less than in 2021. Looking at Vietnam's timber and wood products exports, it seems that they have not been significantly affected by the epidemic and the decline in demand, and they have fulfilled the target set for 2022 without any danger.

As the world consumer market increasingly favors more environmentally friendly and durable sustainable development products, Vietnam is also formulating sustainable timber supplies, and its plantation area of man-made forests is also increasing. In addition to increasing the sustainable development of timber supply, the move of planting planted forests on a large scale is also reducing Vietnam's dependence on foreign raw materials.

In the current international plywood market, the Russian plywood industry has been greatly hit by market sanctions in Europe and the United States. In 2022, its export volume and prices plummeted, and its output once fell to the lowest level in 10 years. At the same time, the Vietnamese plywood industry still has great potential and strong development momentum. If the Russian plywood industry does not recover this year, it is expected that Vietnam will likely surpass Russia and become one of the world's three largest plywood exporters.

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