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Export of woven bamboo and rattan to the US has record-breaking growth

05/03/2024 17:02

According to information from the Import and Export Department (Ministry of Industry and Trade), the US remains the largest export market for Vietnam's bamboo, rattan, reed, and carpet products, with a record figure of over 31.3 million USD, representing a staggering growth of 107.2% compared to the same period last year.

 

Statistics show that in January 2024, Vietnam's export of bamboo, rattan, reed, and carpet products reached over 79.7 million USD, up 11.8% compared to the previous month and 74.3% compared to the same period last year.

Among them, the US remains the largest export market for Vietnam with an export turnover of 31.3 million USD, a remarkable growth of 107.2% compared to January 2023, accounting for 39.2% of the total. Following that is the United Kingdom with an export turnover of 5.3 million USD, up 55.6% compared to the same period last year, accounting for 6.6%. Japan ranks third, with 5.2 million USD in January 2024, up 44% compared to January 2022, accounting for 6.5%.

In addition, in early 2024, some markets recorded impressive growth rates such as Sweden (288%), Canada (230%), Italy (119%), and China (214%)...

Forecasters predict that the export of handicrafts in general and bamboo, rattan, reed, and carpet products of Vietnam will continue to thrive.

Despite positive growth in recent years, Vietnamese handicraft products still face fierce competition from markets such as India, Mexico, and Thailand. In this context, experts suggest that besides traditional export markets, businesses should also focus on exploring new markets such as India, South Korea, China, Mexico, and Chile...

In general, there are ample opportunities for the development of Vietnam's bamboo and rattan industry. The potential to capture 10% - 15% of the market share in the global market is entirely feasible. Along with that, the export turnover of this industry can reach 1 billion USD instead of just a few hundred million USD per year as it is currently.

Some emerging markets in recent years such as China, Spain, Russia, and Australia are showing a trend of importing more bamboo and rattan products from Vietnam. Specifically, in recent years, China and Spain have increased their imports of Vietnamese bamboo and rattan products significantly, presenting an opportunity for handicraft products such as bamboo and rattan to accelerate.

Vietnam has over 1,000 bamboo and rattan craft villages, accounting for 24% of the total number of craft villages nationwide. To date, bamboo and rattan products have been exported to over 130 countries and territories worldwide, with export turnover continuously increasing each year, accounting for about 14% - 18% of the total export turnover of handicrafts in the country.

 

Source: thuongtruong.com.vn

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