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Wood exports off to a slow start for 2015

Vietnam wood and wooden product exports fell unexpectedly by 8.2% on-year toUS$494 million despite the forecast for 2015 to be a record setting year for the sector.

According to the Ministry of Agriculture & Rural Development, Nguyen Ton Quyen, General secretary of the Vietnam Timber and Forest Products Association recently revealed the association forecasted the sector’s annual export volume for 2015 at US$7 billion.

Meanwhile, the sector’s imports for January were up 8.6% to US$170 million on-year, suggesting the sector has been stockpiling raw material and supply inventories in anticipation of finalizing many major contracts.