Vietnam’s wooden furniture account for nearly 20% of world imported market

According to statistics of the International Trade Center (ITC), the turnover of imported wooden furniture in the world in the first quarter of 2021 reached US$ 18.2 billion, up 30.2% compared to the same period of 2020. In that amount, the proportion of wooden furniture imported from Vietnam was 19.4% (in the same period of 2020, the proportion was 17%).

Among the Top 10 of world imported wooden furniture market, Vietnam’s wooden furniture account for a significant share. And in some specific markets, its share is big. The most impressive market is the USA.

The wooden furniture market of the USA is the biggest among the whole importers of the world. The imported value in the first quarter of 2021 reached US$ 6.8 billion, an increase of 43.4% compared to the same period of 2020. Vietnam was the biggest trade partner supplying wooden furniture for the USA in the meantime, with the proportion of 41.4% of the total value of imported wooden furniture.

For the others markets, in the first quarter of 2021, Japan’s imported wooden furniture was valued at USD 622 million and Vietnam accounted for 23.1% of the total value.

Canada and Australia are the other two markets that grew fast in the first quarter of 2021.

Vietnam’s wooden furniture also took a significant share in these markets. In the first quarter, Canada’s import value was US$ 627 million, a 32.2% increase compared to the first quarter of 2020. Vietnam’s wooden furniture accounted for 18.1% of Canadian imported turnover. The import value of Australia was US$ 462 million, up 65.5% compared to the same period of 2020, and Vietnam’s wooden furniture accounted for 12% of Australian imported turnover.

Another important market for Vietnam’s wooden furniture is South Korea with a significant proportion (16.5%) of its US$ 330 million total import value.

Among the exports’ structure of wood and wooden products of Vietnam, wooden furniture takes the biggest value share. In the first six months of 2021, the export turnover of wooden products reached US$ 5.8 billion, accounted for 71.01% of the wood industry's total export turnover and increased 63.85% compared to the same period of 2020. The proportion of wooden furniture far exceeds that of other exported wood and wood products, such as wood chips accounted for 11.41%, planks and flooring 11%, wooden doors 0.27%, etc.

The exports of Vietnam’s wooden furniture grow very fast. Statistics of the General Department of Customs in the second quarter of 2020 show that exports of Vietnam’s wooden furniture reached US$ 3.1 billion, increased 99.3% compared to the same period of 2020 and accounted for 70.7% of the total export turnover of wood and wood products.

In the second quarter of 2021, Vietnam’s wooden furniture was exported most to America, reached US$ 2.54 billion, increased 114.1% to the same period of 2020 and accounted for 81.2% of the total export turnover of wooden furniture, followed by Asia, Europe, Oceania and Africa.

According to the Import and Export Department (Ministry of Industry and Trade - MoIT), the strong growth of Vietnam’s wooden furniture exports is the result of the hefty investment of technology of many wood enterprises, developing new products and using online marketing and sales channels effectively.

Thanks to that, when China’s wooden furniture exports to the USA suffered a sharp decline due to the US-China trade war, Vietnam’s wooden furniture filled the vacancy quickly and occupied the No.1 position of China’s wooden furniture in the USA market.