Modest Growth Forecast For European Wood Market. ITTO European Market Report 30th September 2023

Wood in a forest

 

Economic growth in Europe has slowed dramatically in Europe this year and the downturn is likely to persist. European hardwood production has fallen under pressure from both declining volume and quality of log supply and with weak consumption in the European construction and furniture sectors. European wood panels production and consumption is also down compared to the period during and immediately following the COVID lockdowns. However, in this sector, performance is still up compared to the pre-COVID period, having received a boost from green policy measures in the region. Longer term, the future direction of supply and demand in the European region is likely to be strongly influenced by introduction of the EU Deforestation Regulation (EUDR), due to be enforced from start of 2025.

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ETTF Issues EUDR Guidance To All Exporters Of Timber Products To The EU. ITTO European Market Report 30th August 2023

Timber show

The European Timber Trade Federation (ETTF) has issued the following information on the EU Deforestation Regulation (EUDR) for suppliers exporting timber and timber products to the EU.

The EU Deforestation Regulation (EUDR) entered into force on 29.06.2023. From 30.12.2024, the EUDR will replace the EU Timber Regulation (EUTR). It obliges all importers of timber or timber products in the EU to apply a due diligence system prior to importing. Importers must collect information and documentation to prove that their wood and wood products has been legally harvested and is deforestation-free, prior to placing these products on the EU market. Deforestation-free means that the wood comes from plots of land where no deforestation or forest degradation as defined in the Regulation has occurred since 31.12.2020.

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EU renews Anti-Dumping Measures Against Chinese Okoumé Plywood. ITTO European Market Report 15th August 2023

Great wall of China

The EU renewed the anti-dumping duties imposed on imports of okoumé plywood manufactured in China on 13 June 2023. These duties were originally introduced by the EU in 2004 and would have lapsed after only five years had not an interested party requested the European Commission (EC) to initiate an expiry review. Since then, the European Panel Federation (EPF) has requested that the EC review the duties every five years, most recently in December 2021. On each occasion this has led to the announcement of another 5-year extension. The request for review was based on the grounds that the expiry of the measures would be likely to result in recurrence of dumping and injury to the EU industry.

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EU27 Tropical Wood Imports Back To “Normal” Levels. ITTO European Market Report 30th July 2023

Timber imports

In the first five months of this year, the EU27 imported 710,800 tonnes of tropical wood and wood furniture products with a total value of USD1.48b, respectively 17% and 27% less than the same period in 2022. The sharp downturn this year is mainly indicative of the very strong start to the year in 2022. Total EU27 imports of tropical wood and wood furniture in the first five months this year were closely aligned with the long-term average between 2013 and 2019 when trade was subdued but steady. For now, therefore, trade seems to have returned to more “normal” levels after the volatility during the COVID pandemic. While imports were reasonably robust between January and March this year, particularly in dollar terms, they slowed sharply in April before picking up again in May (Charts 1a and 1b).

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Hardwood Log Supply Under Increasing Strain In Europe. ITTO European Market Report 14th July 2023

Hardwood tree

Hardwood log availability is now coming under considerable pressure in Europe due to the combined effects of declining forest productivity in the face of climatic disturbances, rising log exports to China, and a wide range of new policy and regulatory measures. This has meant that prices for European hardwoods have remained relatively firm, particularly for oak, even as consumption is declining in the face of the economic slowdown.

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Subdued Mood Amongst Hardwood Traders At Interzum. ITTO European Market Report 15th May 2023

Single tree

The general mood of hardwood traders attending the Interzum 2023 show in Cologne 9 to 12 May was that the overall market, having slowed dramatically in the second half of 2022 has remained very subdued this year. There were many references to economic uncertainty owing to the Ukraine war, extremely high energy costs, rising inflation leading in turn to higher interest rates, and consumers becoming increasingly cautious after two years of high spending immediately after lockdowns. The boom in home improvement that started in the pandemic and helped drive hardwood sales in Europe, and which was encouraged by government stimulus measures, is now well and truly over.

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Milan furniture fair takes sustainability focus to another level. ITTO European Market Report 30th April 2023

Furniture sustainability

After several years of disruption during and in the aftermath of the COVID pandemic, this year the Milan Salone del Mobile furniture fair returned to its traditional April slot for the first time since 2019. Although visitor numbers were still down on pre-pandemic figures of around 400,000 in 2018 and 2019, at 307,418 they were 15% more than in 2022.

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EU Closing In On New Deforestation Regulation. ITTO European Market Report 15th April 2023

Deforestation

The legal process to introduce the new “EU Deforestation Regulation” (EUDR) is nearing completion. On 6 December 2022, the European Council and the European Parliament agreed on the text of the regulation available at:

https://data.consilium.europa.eu/doc/document/ST-16298-2022-INIT/en/pdf

This text was subsequently endorsed by Member States’ ambassadors on 21 December 2022. The ENVI Committee approved it on 16 January 2023. The vote in plenary by the European Parliament is scheduled for 17 April 2023. If passed by Parliament without further amendment, as widely expected, it only needs to be formally approved in Council, likely in May or June this year. The law would then be enforced 18 months later for large operators and 24 months later for SMEs.

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Largest Increase In Tropical Share Of EU27 Wood Market For At Least 15 Years. ITTO European Market Report 30th March 2023

Tropica; Wood

In 2021, logistical problems on the supply side in tropical countries during the COVID pandemic seemed to accelerate the long term trend away from tropical timber products in the EU27 market. The share of tropical products in the total value of EU27 imports of wood and wood furniture fell from 20% in 2020 to just 17% in 2021. However, last year the situation was transformed as tropical products recorded the largest increase in share for at least the last 15 years, rebounding to 21% of the total value of EU27 imports of wood and wood furniture (Chart 1).

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Rise in prices drives 36% increase in EU27 tropical wood import value in 2022. ITTO European Market Report 15th March 2023

In 2022, the EU27 imported 1.94 million tonnes of tropical wood and wood furniture products with a total value of USD4.37B, respectively 10% and 18% more than the previous year. Compared to the pre-pandemic level of imports in 2019, imports last year increased 36% in value terms but only 6% in quantity terms.

In 2022, the EU27 imported 1.94 million tonnes of tropical wood and wood furniture products with a total value of USD4.37B, respectively 10% and 18% more than the previous year. Compared to the pre-pandemic level of imports in 2019, imports last year increased 36% in value terms but only 6% in quantity terms.

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