Vietnam Wood Export to the US has a good signal; CMA Shipping Line decided to postpone the increase in spot rates.
Data from the General Department of Customs show that the export turnover of wood and wood products to the US market in August 2021 reached 540 million USD, down 24.2% compared to August 2020. However, accumulated in the first 8 months of 2021, export turnover still reached 6.4 billion USD, up 60% over the same period in 2020. According to mordorintelligence.com, the US home furniture market is forecasted to grow at an average of 3% in the period 2021-2026 with the main driver being the improving home construction market. This promotes the import of wood products and furniture while the supply in the US cannot meet the demand.
However, besides the difficulties caused by the epidemic, the wood industry also has other potential risks. The Trade Remedies Administration (Ministry of Industry and Trade) has just warned 10 products that are at risk of being subject to measures to combat evasion, origin fraud, illegal transshipment or trade remedies, of which 3 are: Wood products include: Plywood from solid wood materials, wooden cabinets, sofas with wooden frames, these items are exported to the US market.
Experts recommend that wood and wood product businesses need to focus on monitoring the issuance of certificates of origin and declaration of origin to prevent possible frauds in order to benefit from tax differences.
On September 9, 2021, container shipping company CMA CGM said it would postpone the increase of spot sea freight rates for 5 months, from September 10 to February 1, 2022, CMA CGM SA is the leading carrier in the world. 3rd largest container shipping in the world.
In the announcement, CMA said that since the beginning of 2021, container freight rates have increased continuously due to congestion at ports and the main imbalance between demand and capacity of sea freight.
Although freight rates are forecast to continue to increase in the coming months due to market factors, CMA CGM Group has decided to postpone the additional increase in spot rates for all services operated under the brand name. its brands (CMA CGM, CNC, ContainerShips, Mercosul, ANL, APL).
This decision applies to spot rates and is effective immediately until 1 February 2022.