Vietnam’s eucalyptus veneer exports to China increased significantly in the first half of 2021

Vietnam's eucalyptus veneer exports to China increased significantly in the first half of 2021

In the first half of 2021, Vietnam’s export volume of eucalyptus veneer reached over 1 million cubic meters, earning 98.9 million U.S. dollars in foreign exchange, and the volume and price increased by 358% and 191% over the same period, respectively. It is worth noting that 98% of eucalyptus veneers are exported to China, and the remaining 2% are exported to markets such as Cambodia, Malaysia, Indonesia and Taiwan.

According to the People’s Daily, customs statistics show that in the first six months of 2021, Vietnam’s export volume of eucalyptus veneer exceeded 1.02 million cubic meters, with an export value of 98.92 million US dollars.

China is the main market for imported eucalyptus veneer. The export volume of eucalyptus veneer to this market in the first six months of 2021 reached 1 million cubic meters, which is equivalent to 91.16 million US dollars. The volume increased by 379% year-on-year and the value increased by 200% year-on-year. .

Cambodia ranked second, with imports of 13.009 million cubic meters and foreign exchange earnings of 2.63 million U.S. dollars. Imports increased by 146 times year-on-year and value increased by 168 times year-on-year.

Taiwan of China ranks third, with imports exceeding 8.8 million cubic meters and foreign exchange earnings of 1.78 million U.S. dollars. The quantity fell by 4%, but the value increased by 9%. A small amount of eucalyptus veneer is exported to countries such as Indonesia and Malaysia. In the first six months of 2021, the average price of eucalyptus veneer exports to the Chinese market is lower than other markets. Specifically, the average price per cubic meter of exports to Taiwan is US$197, and that of Cambodia is US$205, while the average price of exports to China is only US$94.

According to the Vietnam Timber and Forest Products Association, due to the low average export volume, value and price, it is always possible for eucalyptus veneer products exported to China to “evade tax” by declaring the export price, and the product is subject to 10% Export tax.