UK Tropical Wood Product Imports Fall Sharply In July And August. ITTO European Market Report 31st October 2022

Tropical timber imports

The import value of tropical wood and wood furniture into the UK in the opening eight months of this year was USD1.06B, 21% more than the same period last year. Following the strongest start to the year in terms of UK import value since before the 2008 financial crises, imports fell sharply during July and August (Chart 1).

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EU27 Tropical Wood Imports Come Off The Boil As Recession Fears Mount. ITTO Market Report 15th October 2022

Recession fears hit EU tropical timber imports

The most recent EU27 trade data to end July this year shows that imports of tropical wood and wood furniture products were still at historically high levels in the early summer months this year. However, imports were slowing from the peak reached in May. Now, as Europe moves into the winter months there are ominous signs of recession ahead, particularly as the war in Ukraine is contributing to huge increases in energy prices and business and consumer confidence is being hit by expectations of higher interest rates to control inflation.

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UK Hardwood Imports Slow Dramatically As Recession Looms. ITTO Market Report 30th Sept 2022

UK imports of hardwood products were rising strongly both in volume and value terms during the second half of 2021 and first half of this year as importers were building stocks on a rising market. However, in the third quarter this year the market has changed dramatically as import prices have fallen and UK importers are sitting on a lot of wood bought earlier at higher prices. This has occurred just at a time when consumption has weakened as the UK heads into recession and the GBP has fallen to the weakest ever level against the USD and is also declining against the EUR.

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Post-Pandemic Revival In EU Joinery Manufacturing During 2021. ITTO Market Report 15th Sept 2022

Post-Pandemic Revival In EU Joinery Manufacturing

After the dislocation caused by the COVID-19 pandemic, the performance of the EU27 wood joinery sector was transformed in 2021. The main long-term trends in previous years were a continuous increase in joinery production in Germany offsetting a large decline in Italy and wood’s loss of share to other materials – particularly plastics – in windows and doors manufacturing. However, 2021 saw a sharp revival in wood joinery activity across the continent. Following three years of stagnation, production value of wood joinery and related products in the EU27 increased 16% to €38.22 billion in 2021. Last year, in value terms, total wood joinery activity across the EU27 was at the highest since before the 2008 financial crises (Chart 1).

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EU27 Tropical Wood Import Value At Highest Level Since Financial Crisis. ITTO Market Report 31st August 2022

EU27 Tropical Wood Import Value At Highest Level Since Financial Crisis

Between April and June this year, EU27 import value of tropical wood and wood furniture products was, in dollar terms, at the highest quarterly level since at least before the 2007-2008 financial crisis (Chart 1). Imports of USD1.27B during the second quarter of 2022 were 11% more than the previous quarter and 25% more than the same quarter the previous year.

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Value Of UK Tropical Wood Product Imports Up 34%. ITTO Market Report 15th August 2022

Value Of UK Tropical Wood Product Imports Up 34%.

The import value of tropical wood and wood furniture into the UK in the opening five months of this year was USD711 million, 34% more than the same period last year. In fact, this was by far the strongest start to the year in terms of UK import value of tropical wood and wood furniture products since at least before the 2008 financial crises (Chart 1). It compares to an average import value of less than USD500 million for the January to May period throughout the whole decade prior to the onset of the pandemic in 2020.

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Some Encouraging Signs For European Furniture Sector. ITTO Market Report July 31st 2022

Some Encouraging Signs For European Furniture Sector

The global significance of the European furniture sector, and some positive signs for the sector after the turmoil caused by the COVID pandemic, are highlighted in recent reports in World Furniture, the trade journal of CSIL, the Milan-based furniture market research organisation (www.worldfurnitureonline.com).

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EU27 Tropical Wood Import Value Increases On The Back Of High Prices. ITTO European Market Report 15th July 2022

In the first four months of this year, the value of EU imports of tropical wood and wood furniture totalled USD1.23 billion, a gain of 28% compared to the same period last year. In terms of value, this was by far the highest level of trade for the four month period in the last five years (Chart 1). In fact trade value was at a level not seen since before the 2008-2009 financial crises. Continue reading “EU27 Tropical Wood Import Value Increases On The Back Of High Prices. ITTO European Market Report 15th July 2022”

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Price Inflation Drives Rise In Value Of UK Tropical Wood Product Imports. ITTO European Market Report 30th June 2022

Stacks of sawn tropical wood

The import value of tropical wood and wood furniture into the UK in the opening four months of this year were at an unprecedented level of USD565 million (Chart 1). That is 36% more than the same period in 2021 when imports were also high following a strong rebound after the downturn during the first COVID lockdown in 2020. In fact, this was by far the strongest start to the year in terms of UK import value of tropical wood and wood furniture products since at least before the 2008 financial crises. It compares to an average import value of less than USD380 million for the January to April period throughout the whole decade prior to the onset of the pandemic in 2019.

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European Sawn Hardwood Production At Highest Level Since 2008. ITTO European Market Report 15th June 2022

Sawn Hardwood

According to the European Sawmiller Organisation (EOS), production of sawn hardwood in Europe was significantly impacted by the coronavirus crisis in 2020 with a strong decline particularly in France and Germany. Overall sawn hardwood production declined from around 6 million m3 in 2019 to just above 5.5 million m3 in 2020. Continue reading “European Sawn Hardwood Production At Highest Level Since 2008. ITTO European Market Report 15th June 2022”

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