Chinese exports to the U.S. exceeded expectations in March, increasing 14.2% year-over-year and reaching a trade surplus of $32.64 billion, The Decorative Hardwoods Association and CNBC reported.
Imports from the China fell 7.6% compared with March 2018. In the fall of 2018, the U.S. imposed 10% tariffs on $200 billion worth of Chinese products, including hardwood flooring.
Meanwhile, the export value of forestry products imported from Vietnam increased 17.8% year-over-year, according to a report from Nhan Dan. Of Vietnam’s 4,500 wood and forestry product manufacturers, 1,863 are exporters. The U.S., Japan, Europe, China and the Republic of Korea are the five largest importers of wood products from Vietnam, according to the report.
Vietnam has experienced a surge of Chinese wood processors moving into the country since trade tensions between the U.S. and China began, according to a report by Vietnam.net.
To read more about the recent shift of manufacturing from China to other Southeast Asian countries, see the tariff impact sidebar in the 2019 WFB State of the Industry report.
