Vietnam sees trade surplus of US$3.2 billion in forestry exports
Vietnam is on track to reach the target for forestry products exports of US$9 billion this year, according to the Ministry of Agricultural and Rural Development (MARD).
In the first six months of 2018, Vietnam's export turnover of forestry products reached US$4.33 billion, up 12.7% year-on-year and equivalent to 48% of the year target, resulting in a trade surplus of US$3.2 billion, according to MARD.
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The US, China, Japan and South Korea are currently Vietnam's major markets for timber and wooden products, accounting for 78.2% of the total export turnover.
According to the report, a total of 3,500 enterprises took part in the wood and forestry processing, which are mainly private and foreign invested. As of present, Vietnam's wood and forestry products have been exported to over 100 countries and territories.
Vietnam sets the target of forestry products exports at US$9 billion this year, with timber and wooden products accounting for US$8.5 - 8.7 billion, which is considered feasible, stated the report.
Meanwhile, the country imported US$1.08 billion worth of wood in the January - June period, up 1.9% year-on-year.
In the first five months of the year, Vietnam saw an increase in wood imports from the US, Germany and France, equivalent to the growth rate of 11.6%, 14.8% and 12.4% year-on-year, respectively, while wood imports from Cambodia and Malaysia declined (down 49% and 12.7%, respectively).
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