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Vietnam earns US$5bn from wood exports in 10 months

Vietnam earned US$5 billion from exports of wood and wood-based products in the first 10 months of this year, an increase of 13.3 per cent year on year, according to the General Statistics Office. Source: Shanghai Daily.

In October alone, Vietnam exporters shipped wood and timber products abroad worth US$528 million, continuing an uptrend in the market.

In the 10-month period, wood exports to Japan rose by 22.03 per cent and the US by 14.35 per cent, while exports to China fell 19 per cent, year on year.

The US, China and Japan were the top three importers of Vietnamese wood and timber products, accounting for 66.35 per cent of the country’s total export market of these commodities.

Wood and timber exports are now fifth among the 10 main export industries of Vietnam.

Their export value is estimated to hit US$10 billion by 2020, according to the Ministry of Agriculture and Rural Development (MARD).