In the first 5 months of 2022, the export value of wood and wood products to the Australian market reached 80.7 million USD, up 15.7% over the same period in 2021. In which, the group of wooden furniture products has many opportunities to boost exports to this market, thanks to large market demand and advantages from signed agreements with the Australian market.
According to statistics from the General Department of Customs, the export value of wood and wood products to the Australian market in May 2022 reached USD 16.4 million, up 7.9% compared to May 2021. In the first 5 months of 2022, the export value of wood and wood products to the Australian market reached 80.7 million USD, up 15.7% over the same period in 2021.
Furniture is the main group of exports to the Australian market in the first four months of 2022, reaching $49.2 million, up 5.7% over the same period in 2021, accounting for 76.6% of the total export value. export timber and wood products to Australia.
In which, living room and dining room furniture was exported the most to the Australian market, reaching 20.6 million USD, up 5% over the same period in 2021; followed by bedroom furniture with 13.3 million USD, down 4.8%; Export of wooden frame chairs reached 11 million USD, up 32%.
Furniture is a group of goods that need to be promoted to the Australian market, because this is a group of goods that bring high added value to Vietnam’s wood industry.
According to statistics from the International Trade Center (ITC), Australia is the 7th largest wooden furniture import market in the world, the average value of wooden furniture imports reaches 1.5 billion VND. USD/year in the period 2017 – 2021, with an average growth rate of 4.8%.
Import demand for wooden furniture is large, but the value of imports from Vietnam accounts for only 11.4% of Australia’s total import value. There is still a lot of room for Vietnamese enterprises to export wooden furniture to promote in the coming time.
Besides, the opportunity to promote the export of wooden furniture to the Australian market has many advantages, because Vietnam and Australia are common members of three free trade agreements, including the ASEAN – Australia FTA. – New Zealand (AANZFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and most recently the Regional Comprehensive Economic Partnership (RCEP).
In addition, in the first 4 months of 2022, a number of other wood products and wood products are also exported to the Australian market such as: Wood, planks and flooring, wooden doors, fine art furniture, etc. The export value of wood, boards and flooring to the Australian market reached US$8.5 million, up 266.2% over the same period in 2021.
