Agarwood knowledge

Vietnam holds a significant position in the global agarwood market, both as a leading exporter and importer.

Export Activities:

• Volume and Growth: Vietnam's agarwood exports have shown substantial growth in recent years. In 2021, the country exported over 8,000 tons of agarwood, a notable increase from 4,400 tons in 2019 and 2,800 tons in 2018. 

• Major Markets: The primary destinations for Vietnamese agarwood are Gulf countries, including Saudi Arabia, the United Arab Emirates, and Kuwait, where agarwood is highly valued for perfume production and religious ceremonies. 

• Export Statistics (Feb 2023 - Jan 2024): During this period, Vietnam exported 5,861 shipments of agarwood, marking a 45% growth compared to the previous twelve months. In January 2024 alone, there were 713 export shipments, a 130% increase year-on-year. The top importers were India, Malaysia, and China, collectively accounting for 65% of Vietnam's agarwood exports. 

Import Activities:

• Import Volume: Between February 2023 and January 2024, Vietnam imported 508 shipments of agarwood from 22 countries, with Vietnam, China, and Laos being the top suppliers. In January 2024, Vietnam imported 57 agarwood shipments, indicating a 533% year-on-year growth. 

Regulatory Environment:

The Vietnamese government has implemented measures to regulate agarwood harvesting and trade to ensure sustainability. In 2020, a decree was issued requiring exporters to obtain permits and setting annual harvesting limits. These regulations aim to combat over-harvesting and illegal trade, promoting sustainable practices within the industry. 

Industry Challenges:

Despite the lucrative nature of the agarwood trade, challenges persist, including over-harvesting and illegal activities that threaten the sustainability of agarwood resources. The government's regulatory efforts are crucial in addressing these issues to ensure the long-term viability of the industry. 

Conclusion:

Vietnam's active participation in the global agarwood market underscores its importance as both an exporter and importer. While the industry experiences significant growth, adherence to sustainable practices and regulatory compliance remain essential to maintain the ecological balance and economic benefits associated with agarwood trade.

Vietnam holds a significant position in the global agarwood market, both as a leading exporter and importer.

Export Activities:

• Volume and Growth: Vietnam's agarwood exports have shown substantial growth in recent years. In 2021, the country exported over 8,000 tons of agarwood, a notable increase from 4,400 tons in 2019 and 2,800 tons in 2018. 

• Major Markets: The primary destinations for Vietnamese agarwood are Gulf countries, including Saudi Arabia, the United Arab Emirates, and Kuwait, where agarwood is highly valued for perfume production and religious ceremonies. 

• Export Statistics (Feb 2023 - Jan 2024): During this period, Vietnam exported 5,861 shipments of agarwood, marking a 45% growth compared to the previous twelve months. In January 2024 alone, there were 713 export shipments, a 130% increase year-on-year. The top importers were India, Malaysia, and China, collectively accounting for 65% of Vietnam's agarwood exports. 

Import Activities:

• Import Volume: Between February 2023 and January 2024, Vietnam imported 508 shipments of agarwood from 22 countries, with Vietnam, China, and Laos being the top suppliers. In January 2024, Vietnam imported 57 agarwood shipments, indicating a 533% year-on-year growth. 

Regulatory Environment:

The Vietnamese government has implemented measures to regulate agarwood harvesting and trade to ensure sustainability. In 2020, a decree was issued requiring exporters to obtain permits and setting annual harvesting limits. These regulations aim to combat over-harvesting and illegal trade, promoting sustainable practices within the industry. 

Industry Challenges:

Despite the lucrative nature of the agarwood trade, challenges persist, including over-harvesting and illegal activities that threaten the sustainability of agarwood resources. The government's regulatory efforts are crucial in addressing these issues to ensure the long-term viability of the industry. 

Conclusion:

Vietnam's active participation in the global agarwood market underscores its importance as both an exporter and importer. While the industry experiences significant growth, adherence to sustainable practices and regulatory compliance remain essential to maintain the ecological balance and economic benefits associated with agarwood trade.