Exports of wood and wood products to the Canadian market increased sharply

Vietnam’s exports of wood and wood products to the Canadian market have been growing significantly in recent years. Thanks to high product quality and competitiveness, Vietnam has gradually asserted its position in the furniture export industry.

According to the Trade Promotion Agency ( Ministry of Industry and Trade ), Canada is in the top 10 leading wood furniture producing countries in the world and is a country with extensive experience in the field of wood furniture production. In particular, Vietnam is seizing opportunities to become an important furniture supplier for Canada. In 2021, although Vietnam's wood and wood products exports to the Canadian market were affected by the Covid-19 pandemic, the export turnover still reached 416.4 million USD, an increase of 27.4% in value compared to 2020 and accounting for 16.7% of the total export turnover. import value of Canada.

Vietnam is seizing opportunities to become an important furniture supplier to Canada. Photo: internet

The above results show that wood and wood product manufacturers, especially wooden furniture in Vietnam, have been meeting consumer demand in Canada. Currently, Vietnamese furniture products can be easily found in major supermarket chains such as COSTCO, IKEA, LEON'S, ... The prospect of exporting wooden furniture and decorative interiors from Vietnam to the Canadian market in the coming years is very positive due to high consumption demand in the Canadian market and the positive impact of the Comprehensive and Progressive Agreement for Trans -Pacific Partnership (CPTPP). Canada is a potential market with high demand for wood products, especially furniture. Canadian consumers increasingly prefer natural and sustainable wood products, which is an advantage for Vietnamese manufacturers. This not only helps Vietnam take advantage of its abundant raw materials but also opens up many opportunities to develop processed wood products. To better exploit this market, the Vietnamese wood industry needs to focus on improving product quality standards, improving production processes, and building strong brands. Participating in international fairs and exhibitions in Canada will also help Vietnamese businesses get closer to potential customers and seek cooperation opportunities. In addition, Vietnam also needs to carefully research the preferences and consumption trends in the Canadian market, thereby developing suitable products to meet the needs of local consumers. Building strong relationships with distribution and retail partners in Canada is also an important factor in increasing market share in this market. According to statistics from the General Department of Customs, the export turnover of wood and wood products to the Canadian market in February 2024 reached 10.2 million USD, down 26% compared to February 2023. In the first two months of 2024, the export turnover of wood and wood products to the Canadian market reached 36 million USD, an increase of 47.4% over the same period in 2023. Wooden furniture has always been the main export item to the Canadian market. In January 2024, the export turnover of this item accounted for 86.2% of the total export turnover of wood and wood products to the Canadian market, reaching 22.3 million USD, an increase of 15.2% compared to December 2023 and an increase of 176% compared to January 2023. Most items in the structure of wooden furniture exported to the Canadian market increased sharply in January 2024 compared to January 2023. In addition to wooden furniture, a number of other items were also exported to the Canadian market in January 2024, such as: Wood, boards and flooring reached 2.6 million USD, up 22.8% compared to January 2023; followed by fine art wood reaching 137 thousand USD, up 294.9%; wooden doors reached 100 thousand USD, down 39.8%...

Exports of wood and wood products to the Canadian market increased sharply. Photo: Internet

For the Canadian market, the opportunity to boost Vietnam's wooden furniture exports to this market is still very promising, because Canada is the world's fourth largest wooden furniture importer after the EU, the US and the UK. However, the import value from Vietnam is still low, so there is still much room for Vietnamese enterprises to exploit this industry. In addition, effectively exploiting the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will promote exports to this market. In addition to enjoying CPTPP incentives, Vietnamese goods also enjoy incentives under the MFN and GSP forms. According to the Import-Export Department (Ministry of Industry and Trade), in the context of the current volatile world economy , diversifying export markets and opening up new markets with much room is the key to boosting exports. Accordingly, not only does it stop at exploiting the potential Canadian market, but it can be considered a gateway market for Vietnamese wooden furniture products to access the North American market. Although North America has a small population of about 40 million people, it is a fairly large import market and this is the potential for Vietnamese enterprises to boost the export of wooden furniture in the coming time. With the right strategy and continuous efforts, Vietnam can completely become a key supplier of furniture for the Canadian market in the coming time./.

Thanh Tung