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.
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.