WEEK NEWS 32, FOMEX WOOD INDUSTRY NEWS

   In the first half of 2021, the export value of bedroom furniture to the US market accounted for the highest proportion, reaching $991.4 million, up 69.8% over the same period in 2020. According to statistics from the General Department of Customs, the export of bedroom furniture in June 2021 reached 238.2 million USD, up 48.2% compared to June 2020.

   Generally in the first 6 months of 2021, export of bedroom furniture reached 1.24 billion USD, up 58.9% over the same period in 2020. In the first half of 2021, the export value of bedroom furniture to the US market accounted for the highest proportion, reaching $991.4 million, up 69.8% over the same period in 2020.

   The shift in imports US bedroom furniture exports from China to Vietnam when anti-dumping duties were applied to China from June 2004, at the national tax rate of 198% and increased to 216% during the review period. Controlled a year later, this tax rate still applies to Chinese bedroom furniture today.

   Currently, businesses in the wooden furniture manufacturing industry in general and Vietnam's bedroom furniture, in particular, have invested in technology, developed new products, and effectively used marketing channels. Therefore, Vietnamese bedroom furniture products have met the requirements of US consumers and tend to increase their market share in this market.



   The export of Vietnam’s wood industry to France and Europe at large have ample room for growth, according to the Agency of Foreign Trade at the Ministry of Industry and Trade.

   Vietnam is currently the sixth largest provider of wooden furniture in France, but only makes up 4.5 percent of the European nation’s total import values. The Agency of Foreign Trade cited data from the International Trade Centre showing that France’s imports of wooden furniture surged by nearly 60 percent against the same period last year to 2.4 billion USD in the first six months of 2021.

   Experts forecast that Vietnam’s timber and wood product exports to Europe will surge in the latter half of 2021. By that time, COVID-19 is expected to be brought under control and European countries are projected to loosen restriction measures and facilitate trade flows.

   The recovery of the European economy will be a driving force for Vietnam's export of timber and wooden products to the market.

   In addition, the European Union - Vietnam Free Trade Agreement (EVFTA) is hoped to benefit the sector thanks to the removal of non-tariff barriers and facilitation of the import of advanced equipment, thus improving productivity and competitive edge of Vietnam’s wood industry in the European market./.




   Over the next four weeks, The Alliance (including Hapag-Lloyd, ONE, Yang Ming, HMM) announced the cancellation of 12 sailings, followed by 2M Alliance (including Maersk and MSC) with 4 sailings and Ocean Alliance (including CMA CGM, COSCO, Evergreen) has 2 sailings will be canceled, based on data from Drewry's weekly Cancelled Sailings Tracker.

   On major lines such as Trans-Pacific, Trans-Atlantic, and Asia - North Europe & Mediterranean, 18 sailing cancellations were reported between week 32 and week 35, out of a total of 496 sailings scheduled, equivalent to a cancellation rate of 4%.

   “The summer rush is adding strain to an already overstretched supply chain,” Drewry notes. "Shippers and beneficial cargo owners continue to find themselves having to accept the very high rates and various additional premiums to stand any chance of their cargo being loaded on time," Drewry added.

   As Drewry reports, a shortage of truck drivers in Europe, particularly the United Kingdom (UK), also contributes to delays to cargo arrival times. In which UK supermarkets and retailers with high turnover are being affected the most.


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