According to Vietnam Customs, wood and wood products (W&WP) exports to the Chinese market in June 2024 reached US$214 million, up 79.2% compared to June 2023. In the first six months of 2024, W&WP export turnover from the Chinese market was Vietnam US$1.1 billion, up 54.1% year-on-year.
In June 2024, Vietnamese exports of kitchen furniture amounted to US$118 million, up 12.4% compared to June 2023. Over the first six months of 2024, export turnover of kitchen furniture was US$646 million, up 28.9% over the same period in 2023.
Vietnam's oak imports in June 2024 reached 32,400 cu.m, worth US$18.6 million, up 1.8% in volume and 1.0% in value compared to May 2024. Compared to June 2023, oak imports increased by 9.0% in volume and 17.2% in value. In the first six months of 2024, oak imports were 167,500 cu.m, worth US$96.1 million, up 23.3% in volume and 27.1% in value over the same period in 2023.
Exports to China soaring
Vietnam’s W&WP exports to China in June 2024 were US$214 million, up 79.2% compared to June 2023 and for the first six months reached US$1.1 billion, up 54.1% over the same period in 2023. Of the W&WP exported to China, woodchips dominated in the first five months of 2024, being worth US$762.4 million, up 61.3% over the same period in 2023 and accounting for 85.9% of the total W&WP exports to the country.
At present, China's paper industry relies heavily on a combination of imported and locally sourced pulp and woodchips. The balance between these two fibre sources is mainly influenced by fluctuating pulp prices in the global market and costs associated with importing hardwood chips to feed Chinese pulp and paper mills. In the past 15 years, woodchip imports into China have exceeded pulp imports.
In 2022, woodchip imports accounted for 64% of China’s total wood pulp and chip imports. In 2023, as the market price of pulp fell more significantly than that of wood chips, China increased pulp imports to 28 million tons, up 24% compared to 2022. As a result, Vietnam's woodchip exports to the Chinese market decreased.
However, as of the first five months of 2024, Vietnam's woodchip exports to the Chinese market regained growth due to soaring demand. Statistics from the China Customs Administration reveal that China’s woodchip imports in the first five months of 2024 reached 7.5 million tons, worth US$1.4 billion, up 35.4% in volume and 12% in value over the same period in 2023. Of this, woodchip imports from Vietnam amounted to five million tons, worth US$833.7 million, up 64.9% in volume and 32.4% in value over the same period in 2023.