The last two and half years, marked from the start of 2020 by the Covid-19 pandemic and from February this year by war in Ukraine, have seen unprecedented changes in Europe’s wood furniture sector. The sector has passed through a period characterised by an initial but very short lived fall in demand in the second quarter of 2020, followed by rapid demand escalation at a time when material shortages and other logistical challenges greatly reduced availability. During this relatively short period, major changes have occurred in patterns of supply and demand, trade flows, consumer preferences and working conditions, distribution channels, design, and fashion trends. Companies throughout the sector are having to evolve new strategies in response to a transformed world.
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”