September 27, 2022

Wood and Furniture Exports to US Expected to Reach USD 10 Billion | Business

Furniture manufacturing at Thuan An (Photo: VNA)

Hanoi (VNA) – Export earnings from wood and furniture generated from the US market is expected to reach USD 10 billion in 2022 with the development trend from 2021.

According to Vietnam’s General Department of Customs, product exports to the United States jumped 22.4% in 2021 to $8.8 billion, of which 87.6% came from wooden furniture.

Experts attributed the results to companies’ efforts to maintain production and the government’s effective support in the face of difficulties caused by the COVID-19[female[feminine, estimating that this expansion trend will continue in 2022.

However, they pointed out that the sector will still face many challenges, including trade remedies and container shortages as well as logistics cost. On average, the cost of each container to be transported to the United States is 20,000 to 30,000 USD, which is four times that of previous years.

Vietnamese Trade Advisor to the United States Bui Huy Son advised companies to continue to improve product quality and the proportion of technology in their products to meet US consumer demand, while focusing more on ensuring that their products are environmentally friendly. He also stressed the need to optimize e-commerce and apply measures against unhealthy competition and trade defense measures./.