COVID Casts Long Shadow Over The European Furniture Sector. ITTO European Market Report January 31st 2022

Wooden furniture

For the European furniture sector, as in other industries, the COVID pandemic is casting a long shadow, with no certainty yet that the most dramatic swings in supply and demand are in the past. Several European countries, including France and Italy, were reporting record numbers of new daily COVID cases in the last week of January, the increase due to the emergence and rapid spread of the new Omicron variant, first detected in South Africa.

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EU27 Tropical Wood Imports Slow Sharply In The Second Half Of 2021. ITTO European Market Report 15th January 2022

Wood for export being lifted by crane

After reaching the highest level for nearly a decade in the first half of 2021, the US dollar value of EU27 imports of wood and wood furniture products from tropical countries declined sharply in July and August. After a brief revival in September, imports fell away again in October (Chart 1).

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38% Rebound In UK Imports Of Tropical Wood And Wood Furniture Products. ITTO European Market Report 15th December 2021

Hardwood furniture

The UK imported tropical wood and wood furniture products with a total value of USD1.1 billion in the first ten months of 2021, a 38% increase compared to the same period in 2021. Import value to end October this year was also 4% more than the same period in 2019 before onset of the COVID pandemic. Following the sharp increase in April this year, when import value was at the highest monthly level since before the financial crises of 2008 – 2009, imports declined only slightly from this peak between May and October (Chart 1). Continue reading “38% Rebound In UK Imports Of Tropical Wood And Wood Furniture Products. ITTO European Market Report 15th December 2021”

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EU Publishes Far-Reaching “Deforestation-Free” Regulatory Proposal. ITTO Market Report 30th November 2021

Malaysia Tropical forest. RJW Oliver

On 17 November 2021, the European Commission announced a Proposal for a new Regulation to reduce global deforestation and forest degradation driven by EU consumption of certain commodities. If enacted the law would have a profound effect on EU trade in the regulated wood and agricultural commodities. It would represent a very significant extension of state intervention in European commodities trade even compared to the existing controls imposed through the EUTR.

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EU27 Tropical Wood Imports Still High But Beginning To Slow. ITTO Market Report 15th November 2021.

Loading Tropical Timber. RJW Oliver

After reaching the highest level for nearly a decade in the first half of this year, the US$ value of EU27 imports of wood and wood furniture products from tropical countries declined sharply in July and August. However, import value during the summer months was still higher than is usual at that time of year (Chart 1).

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Big Push To Inform Climate Change Talks Of Forest Industry Role. ITTO Market Report 31 October 2021

A coalition of timber industry associations is collectively hosting the ‘World of Wood Festival’ from 25 October to 3 December at the Building Centre in London, online, and virtually. The six-week celebration of global timber and global forests coincides with COP26 climate talks being held in Glasgow in the first two weeks of November which brings together heads of state, climate experts and campaigners to agree on coordinated action to tackle climate change.

Designed to inform climate change policy and raise awareness of the mitigation opportunities presented by the forest products sector, the World of Wood Festival will showcase the vital role that forest supply chains have to incentivise sustainable forest management, increase carbon sequestration both in forests and products, and substitute for more carbon-intensive building materials.

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European Wood Furniture Production Down 5% Last Year. ITTO European Market Report 15th October 2021

Furniture production

The latest Eurostat PRODCOM data reveals that the total value of wood furniture production in the EU27 declined 5% to €32.4 billion in 2020. This performance for the year is significantly better than initially anticipated at the start of the pandemic. It is also an improvement on the 8% decline in total EU27 furniture production in 2020 implied by the Eurostat furniture production index published earlier this year. Nevertheless, the decline was a major setback for a sector that has been sliding since 2018. Production value last year was the lowest since 2014 when the EU27 was just emerging from the depths of the Euro Debt Crisis in the aftermath of the 2007-2008 global financial crash (Chart 1).

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Imports Of Tropical Wood Rebound In The UK But Lose Share In A Rising Market

UK Tropical Wood Imports Graph

The UK imported tropical wood and wood furniture products with a total value of USD760 million in the first seven months of 2021, a 36% increase compared to the same period in 2020. Following the sharp increase in April, when import value was at the highest monthly level since before the financial crises of 2008-2009, imports declined only slightly from this peak between May and July (Chart 1).

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Hardwood Trade In Europe Profiting Under Pressure

It’s been six months plus of extremes and superlatives in the European sawn hardwood sector.

Importers, distributors and merchants say the trading environment has been like nothing they’ve experienced during decades in the business. Demand has climbed across key markets. Freight rates have reached unprecedented levels. Supply has become exceptionally tight and lead times have stretched from sources globally. Prices have consequently hit the heights, while margins are variously described as good to extremely so.

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Trade In Tropical Hardwood Logs At Lowest Level Ever Recorded As Tropical Forest Sector Hit Hard By COVID. ITTO Market Report 31 August 2021

Yokohama, 30 August 2021: Tropical log production declined by 3% in 2020 due largely to the COVID-19 pandemic, and imports plummeted by 11%, according to ITTO’s Biennial Review and Assessment of the World Timber Situation 2019–2020, which was released today. The flagship report provides data on the production and trade of primary and secondary processed wood products in 73 countries worldwide.

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