Wood industry diversifies products to adapt to increased inflation
According to Mr. Bui Chinh Nghia, Deputy Director of the Vietnam Administration of Forestry, the wood export market began to face difficulties when the inflation has been rising in many countries making consumers tighten their spending; consequently, the number of orders for imports to Vietnam’s major markets reduced.
For instance, the US is a market that consumes more than 55 percent of Vietnamese imports, but according to the General Department of Customs’ figure, the export turnover of wooden furniture to this market has faced continuous difficulties from about February until now.
Furthermore, in October as well as this fourth quarter, many businesses said that imports have declined significantly as their orders are only 30 percent-40 percent; worse, no partners have placed orders for next year.
According to experts, the solution to assist wood exporters currently is to expand consumption markets, and diversify export products. Plus, enterprises should temporarily make products that other countries will need for the coming winter.
