The value of wood and wood products exports to the Australian market in November 2022 decreased by 38.5% compared to November 2021 and was the strongest decrease compared to the same period last year in the past 11 months.
The Agency of Foreign Trade (Ministry of Industry and Trade) quoted statistics from the General Department of Customs as saying that the export value of wood and wood products to the Australian market in November reached USD10.6 million, down 38.5% compared to November 2021.
In the first 11 months of 2022, the export value of wood and wood products to the Australian market reached $176.6 million, up 17.8% over the same period in 2021.
Export turnover of wood and wood products to Australia in 2021 - 2022
Wooden furniture is the main export item to the Australian market in the first 11 months of 2022, reaching $144.4 million, up 17.4% over the same period in 2021, accounting for 81.7% of Australia's total exports of wood and wood products.
Most of the items in the structure of wooden furniture exported in the first 11 months of 2022 to the Australian market have increased value, except for kitchen furniture.
In addition to wooden furniture for export, some other items are also exported to the Australian market. In which, wood, planks, and flooring, wooden doors, mirror frames all recorded high growth in the first 11 months of 2022.
Australia is the 13th largest economy in the world with an import turnover of nearly $250 billion per year. This is a very potential market because people are willing to pay high prices for quality products and are also open to imported goods.
However, Australia is one of the most demanding markets in the world with many certification requirements, high product quality standards, and strict import processes. Therefore, businesses need to put top priority on product quality and focus on building a solid brand for wooden furniture products.
Notably, with three common free trade agreements (FTAs) namely the ASEAN - Australia - New Zealand FTA (AANZFTA), the CPTPP and the RCEP, there is huge room to promote trade cooperation between Vietnam and Australia. In particular, exporters can take advantage of flexible rules of origin and a more beneficial tax-cutting route to apply in order to increase competitiveness and enhance exports.
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