Vietnam’s wooden products and timber exports are expected to reach $13 billion for all of 2020, according to the country’s General Department of Forestry.
From January to November 2020, the country exported an estimated $11.7 billion in timber and wooden products, an increase of $1.6 billion compared with the same time period in 2019.
The forestry sector is anticipating continued growth in exports in the coming years, predicting exports of $14.5 billion in 2021 and $20 billion in 2025.
Wood flooring experts predicted a shift in wood floor manufacturing toward Southeast Asian markets following the trade war between China in the U.S. that began in fall 2018.
The Office of the U.S. Trade Representative is currently conducting an investigation into timber imports from Vietnam, focusing on allegations that the country exported illegally harvested timber and undervalued its currency.
