In the first five months of 2022, the export value of wood and wood products to the Australian market reached 80,7 million USD, an increase of 15.7% compared to the same period in 2021. Specifically, the group of wooden furniture products has numerous opportunities to increase exports to this market due to the market’s high demand and the advantages of 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 reached USD 16.4 million in May 2022, up 7.9% compared to May 2021. Generally, in the first 5 months of 2022, the export value of wood and wood products to the Australian market reached US$ 80.7 million, up 15.7% over the same period in 2021.
Wooden furniture is the main group of exports to the Australian market in the first four months of 2022. Its export value reached 49.2 million USD, up 5.7% over the same period in 2021, accounting for 76.6% of the total export value of wood and wood products to Australia.
Specifically, living room and dining room furniture was the most exported to the Australian market, reaching 20.6 million USD, an increase of 5% compared to the same period in 2021; followed by bedroom furniture with 13.3 million USD, a decrease of 4.8%; export of wooden frame chairs reached 11 million USD, an increase of 32%, etc.
Wooden furniture is a group of products that needs to be promoted on the Australian market, as it contributes significantly to Vietnam’s wood industry.
According to the International Trade Center (ITC), Australia is the seventh largest import market for wooden furniture in the world, with an average import value of $1.5 billion USD per year from 2017 to 2021 and a growth rate of 4.8% annually.
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-New Zealand Free Trade Area (AANZFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and most recently, the Regional Comprehensive Economic Partnership (RCEP).
In addition, a number of other wood products and wood products were exported to the Australian market in the first four months of 2022, including wood, planks and flooring, wooden doors, handicrafts, etc. The export value of wood, boards, and flooring to the Australian market reached $8.5 million, an increase of 266.2% compared to the same time period in 2021.