According to data released by the International Trade Center (ITC), Vietnam’s plywood exports reached US$1.1 billion in the first 11 months of 2022. It ranks fifth among the world’s top five plywood exporters.
During this period, China ranked first with an export value of US$5.89 billion, followed by Indonesia with a total export value of US$2.51 billion. Russia and Brazil ranked third and fourth with US$1.9 billion and US$1.2 billion in plywood export respectively.
Vietnam Plywood Export in 2022
Vietnam has been top five plywood exporters in the world since 2018 through vigorous development of the domestic wood processing industry. Its total plywood exports have jumped from US$774 million in 2018 to US$1.2 billion in 2021 and US$1.1 billion in 2022.
Vietnam has a big share in the global plywood market. The United States is one of its largest markets, accounting for 40% of its plywood export. In addition to China and Japan, South Korea is also its main market, accounting for about 24% of the market share.
The US Department of Commerce announced the extension of the deadline for the final conclusion of the anti-dumping and anti-subsidy tax evasion investigations on imports of hardwood and plywood from Vietnam in September last year. The plywood industry in Vietnam was also affected by this.
Under the background of the epidemic and weak demand in European and American markets, Vietnam’s plywood industry has stabilized its pace in 2022. It achieved a total export volume of 100 million US dollars less than that in 2021. And looking at the export situation of Vietnam’s timber and wood products, it seems that Vietnam plywood export has not been greatly affected by the covid pandemic and the decline in demand. Its sales target for 2022 has been completed without any risk.
Future of Vietnam Plywood Industry
As the market is increasingly inclined to more environmentally friendly and sustainable products, Vietnam is developing a sustainable material supply for its plywood industry. The country’s plantation growth is also increasing.
The large-scale plantation of eucalyptus and acacia will not only increase the sustainable development of timber supply but also reduce Vietnam’s dependence on foreign raw materials.
The Russian plywood industry has been hit hard by sanctions from markets such as Europe and the United States. Its export volume and prices has plummeted in 2022, and its output once dropped to its lowest level in 10 years. At the same time, Vietnam’s plywood industry still has great potential and a strong momentum of growth. If the Russian plywood industry does not recover in 2023, it is expected that Vietnam may surpass Russia and become one of the world’s top three plywood exporters.
In addition, Brazil, which is increasing the development of the plywood industry, is also a competitor that Vietnam cannot ignore.