EU plywood trade is cautious, but Covid recovery is faster than expected. It’s still too early to say for sure, but it’s variously estimated by European plywood importers and distributors that the Covid-19 pandemic will slice 10-20% off their 2020 bottom line. Trade has since seen a bounce back, varying in degree from country to country, but companies don’t expect it to make up for the sales lost when the health crisis first hit.
The UK market for sawn African hardwood has been recovering well following easing of COVID-19 lockdown measures from June onwards. However, there are significant problems on the supply side with COVID-19 contributing to reduced harvesting and mill operations and a significant reduction in freight capacity.
This adds to the pre-existing challenges imposed by too much focus on a limited range of commercially valuable hardwood species in the UK, a feature of the market which sits uncomfortably with the UK’s strong preference for FSC certified material.Continue reading “UK Market For African Hardwood “Recovering Well” After Lockdown. ITTO European Market Report 15th September 2020″
The downturn in EU imports of tropical wood and wood furniture products during the initial period of the COVID-19 pandemic may be less severe than first forecast. As expected, EU27 (i.e. excluding the UK) tropical wood and wood furniture product imports fell sharply in May in response to supply side problems and the lockdown measures in most of the main EU markets, losing around one third of value against the five-year average for the month.Continue reading “COVID-19 Downturn in EU27 Tropical Imports May Be Less Severe Than First Forecast – ITTO European Market Report 31st August 2020”
Newly released Eurostat data indicates that the value of EU27+UK wood furniture production was €42.5 billion in 2019, 1.4% less than the previous year. In retrospect, it looks as if the rebound in EU wood furniture production following the 2008 economic crises peaked as early as 2017, as 2019 was the second straight year of decline and the COVID-19 pandemic has damaged market prospects in 2020. Last year, EU wood furniture production was still 20% down, in real terms adjusted for inflation, compared to the years just prior to the 2008 crises.Continue reading “EU Wood Furniture Market: Sliding Before COVID-19 Pandemic – ITTO European Market Report 15th August 2020”
As expected, following the UK lockdown in response to COVID-19 introduced on 24th March and allowing for the long lead time in the tropical trade, there was a very sharp decline in UK imports of tropical timber products in May. The total value of UK imports of all tropical wood (HS 44) and wood furniture (HS 94) products during the month was just over US$50 million, only half the value typical in what is usually one the busiest months of the year for the UK trade (Chart 1).Continue reading “Half UK Tropical Timber Trade Value Lost in May – ITTO European Market Report 30th July 2020”
EU27 (i.e. excluding the UK) tropical timber product imports continued to defy expectations of COVID-19 driven collapse in the four months to April this year. Despite all the large western European countries implementing COVID-19 lockdown measures starting in the second two weeks of March, and mounting supply-side problems in tropical countries, total imports of tropical wood and wood furniture products into in the EU in April were little changed compared to the previous month.Continue reading “No Strong COVID-19 Signal Yet in EU Tropical Timber Import Data – ITTO European Market Report 15th July 2020”
In a recent blog post, the UK TTF Managing Director David Hopkin notes that “just when we thought it was safe to go back into work from COVID-19, the lurking beast of Brexit has reared its head once more”.Continue reading “Brexit “Rears its Head Once More” – ITTO European Market Report 30th June 2020 Part 2”
Expectations of the impact of the Covid-19 pandemic on the European plywood sector turned out generally to have been worse than the reality.Continue reading “European Plywood Sector Pushes Through Pandemic – ITTO European Market Report 30th June 2020 Part 1”
The value of UK imports of tropical wood products was US$360 million in the first four months of 2020, 19% less than the same period last year. Although a significant decline, the downturn is perhaps less than might have been expected given the exceptional circumstances surrounding COVID-19.Continue reading “UK Tropical Wood Trade Down 19% in the First Four Months of 2020 – ITTO European Market Report 15th June 2020”
Having reached the highest level in more than a decade in October 2019, EU27+UK trade in tropical wood and wood furniture products slowed in the last two months of the year, a trend which accelerated in January and February this year. Contrary to expectations, with the large western European countries implementing COVID-19 lockdown measures during the month, EU imports of tropical wood products picked up again in March this year.Continue reading “EU Tropical Timber Trade Weakens Before COVID Lockdown – ITTO European Market Report 31st May 2020”