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UK imports of tropical wood furniture back to pre-Covid level. ITTO European Market Report 28th February 2023

tropical wood furniture back to pre-Covid level.

The UK imported USD731 million of tropical wood furniture products in 2022, 8% less than the previous year. In quantity terms, wood furniture imports were 153,000 tonnes last year, 9% less than in 2021. After the market turmoil in the previous two years during the COVID pandemic, UK tropical wood furniture imports in 2022 returned to a level slightly below the annual average between 2015 and 2019 (USD771 million). In a sign of deteriorating consumption, UK wood furniture import value in the last quarter of 2022 was 16% lower than the previous quarter and 15% down on the same period in 2021. In 2022, UK import value of wood furniture decreased 2% from Vietnam to USD365 million, 7% from Malaysia to USD130 million, 3% from India to USD80 million, 15% from Indonesia to USD69 million, 35% from Singapore to USD54 million. However imports increased 19% from Thailand to USD22 million (Chart 1).

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UK 2022 Tropical Imports Flat Overall As Weak Second Half Offsets Strong Start To The Year. ITTO European Market Report 14th February 2023

UK Tropical Wood & Wood Furniture 2004 to 2022

The latest data from the UK Office for National Statistics shows that UK GDP increased 4.0% in 2022 after 7.6% growth in 2021, as it recovered from the historic blow from the COVID-19 pandemic. However this “rise” over the last two years must be considered in the light of the UK being amongst countries worst affected by the COVID-19 pandemic which led to a 9.4% fall in GDP in 2020 at a time when there was already uncertainty due to the country’s departure from the EU. The UK economy in December 2022 was still smaller than it was in December 2019. Continue reading “UK 2022 Tropical Imports Flat Overall As Weak Second Half Offsets Strong Start To The Year. ITTO European Market Report 14th February 2023”

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EU27 Tropical Wood Imports Slow As Economic Outlook Deteriorates. ITTO Market Report 31st January 2023

Tropical Wood Imports Slow

In the first ten months of 2022, the EU27 imported 1.68 million tonnes of tropical wood and wood furniture products with a total value of USD3.79B, respectively 15% and 24% more than the same period the previous year. However, imports have been slowing since summer 2022 and the economic outlook in the EU deteriorated sharply in the last quarter of the year. The war in Ukraine is contributing to huge increases in energy prices, while business and consumer confidence has been hit by expectations of higher interest rates to control inflation. Continue reading “EU27 Tropical Wood Imports Slow As Economic Outlook Deteriorates. ITTO Market Report 31st January 2023”

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Continuing Slowdown In UK Tropical Wood Product Imports. ITTO Market Report 15th January 2023

Graph showing Continuing Slowdown In UK Tropical Wood Product Imports.

The import value of tropical wood and wood furniture into the UK in the first ten months of last year was USD1.24B, 13% 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 between July and October (Chart 1).

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EU Council And Parliament Strike Provisional Deal On Deforestation-Free Products Regulation. ITTO European Market Report December 2022

Deforestation in tropical forest

On 6 December, the European Council and the European Parliament agreed on the text of a regulation to minimise the risk of deforestation and forest degradation associated with products that are imported into or exported from the European Union. The agreement is provisional pending formal adoption in both institutions.

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EU27 Tropical Wood Imports Slow With Mounting Signs Of Recession. ITTO Market Report 30th November 2022

tropicla wood

In the first nine months of this year, the EU27 imported 1.53 million tonnes of tropical wood and wood furniture products with a total value of USD3.48B, respectively 15% and 25% more than the same period the previous year. However, imports have been slowing since the summer and, as Europe moves into the winter months there are ominous signs of recession ahead. The war in Ukraine is contributing to huge increases in energy prices, while business and consumer confidence has been hit by expectations of higher interest rates to control inflation.

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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.

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

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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.

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

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