Wood and furniture exports to US expected to hit 10 billion USD
Export revenue of wood and furniture to the US market is predicted to reach 10 billion USD in 2022 thanks to the development trend from 2021.
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| Wood and furniture exports to US expected to hit 10 billion USD. (Photo: VNA) |
According to the General Department of Vietnam Customs, the export of products to the US surged 22.4 percent in 2021 to 8.8 billion USD, 87.6 percent of which came from wooden furniture.
Experts attributed the results to efforts of businesses in maintaining production and effective support from the Government amid difficulties caused by COVID-19, holding that this expansion trend will continue in 2022.
However, they pointed out that the sector will still face many challenges, including trade remedies and the shortage of containers, as well as high logistics costs. On average, the cost for each container to be transported to the US is 20,000-30,000 USD, four times that in previous years.
Vietnamese Trade Counsellor in the U.S. Bui Huy Son advised businesses to continue improving product quality and technology proportion in their products to meet the demand of U.S. consumers, while focusing more on ensuring that their products are environmentally friendly. He also stressed the need to optimise e-commerce and apply measures against unhealthy competition and trade defence measures.
(Source: VNA)
