Vietnam ranks third in wooden furniture supply to the UK

According to the General Department of Customs, in the first 9 months of 2021, wood and wooden products exports to the UK is estimated at 201.2 million USD, up by 25% over the same period in 2020.

Wooden furniture is the main product exported to the UK in the first 8 months of 2021, reaching 172.6 million USD, up by 37.3% over the same period in 2020, accounting for 91.7% of total wood and wooden products export turnover to this market.

Most of the wooden furniture products exported to the UK saw a sharp increase in turnover. Specifically: living room and dining room furniture reached USD 78.3 million, up by 40.7% over the same period in 2020; bedroom furniture reached 41.5 million USD, up by 28.5%; wooden frame chairs reached 29.8 million USD, up by 31.9% ...

In addition to wooden furniture, in the first 8 months of 2021, the export turnover of wood, boards and flooring to the UK rose strongly to USD 4.1 million, up by 68.3% over the same period in 2020. Export of wooden doors reached 4 million USD, up by 15%; fine art furniture reached 402 thousand USD, up by 22.7%...

Wood and wood products exported to the UK still maintain a good growth rate, in the context that exports to many other markets face difficulties due to the impact of the Covid-19 pandemic.

The prospect of wood and wooden products export to the UK in the last few months of 2021 remains positive, thanks to good pandemic control from the Government.

In addition, effective use of incentives and advantages from the UKVFTA Agreement also contributed to the positive growth momentum of the wood industry exports to the UK market. Since the UKVFTA came into effect, many wood products and wooden products have had a tax rate of 0% within 5 years (wood materials currently have a tax rate of 2-10%). In which, wooden furniture export industries are benefiting greatly from this Agreement.

The UK's demand for importing and consuming wood and wooden products is also very high. According to mordorintelligence.com, the UK home furniture market is forecast to grow at an average growth rate of over 3.2% in the period of 2021 - 2026.

The UK is the second largest furniture market in Europe after Germany, the second largest consumer of home furniture in Western Europe (WE) and the third largest importer, accounting for about 15% of WE import value. In 2020, UK households bought furniture worth approximately £14.4 billion.

According to the International Trade Center (ITC), in the first seven months of 2021, the value of British wooden furniture imports reached 2.8 billion USD, up by 53.7% over the same period in 2020.

Vietnam is the third largest wood furniture supplier to the UK, after China and the EU, accounting for 7.9% of the total British wooden furniture imports value.