Total EU27 (i.e. excluding the UK) import value of tropical timber and wood furniture products was US$2.99 billion in 2020, 9% less than the previous year. This is a significantly higher level of import than forecast when the first waves of the COVID-19 pandemic hit the continent early in 2020. It was, however, the lowest level in recent decades and represented a further decline in a market that has been severely restricted ever since the financial crises (Chart 1).Continue reading “Record Low EU27 Tropical Timber Imports in 2020. ITTO European Market Report 30th April 2021”
Despite upheaval in the EU27+UK wood market and wider economy in 2020 due to the COVID-19 pandemic, the total dollar value of EU27+UK imports of wood (HS44) and wood furniture (HS94) products fell only 4% to US$21.86 billion euro in 2020. In dollar terms, EU27+UK imports in 2020 were higher than during the 2015-2017 period and not significantly out of alignment with the trend of the previous 10 years (Chart 1).Continue reading “Sharp Fall in Tropical Share of European Wood Products Market During Pandemic. ITTO European Market Report 28th February 2021”
Total EU27 (i.e. excluding the UK) import value of tropical wood and wood furniture products was US$2.75 billion between January and November last year, 10% less than the same period in 2019. This is a significantly higher level of import than forecast earlier in the year when the first waves of the COVID-19 pandemic hit the continent. Total import value in November was US$263 million, a 4% gain on the previous month and 6% more than the same month in 2019 (Chart 1).Continue reading “Unexpected Rise in EU27 Tropical Timber Imports in November. ITTO European Market Report 15th February 2021”
The long drawn-out process of the UK breaking ties with the EU, which started with the referendum of July 2016, is finally in the endgame. Since formally leaving the bloc on 31 January 2020, the UK’s relationship with the EU has been governed by the Withdrawal Agreement. This has allowed the UK to continue on the same terms it had with the EU prior to departure during a so-called `transition period’.
This transition period will come to an end on 31st December and it is only then that the full impact of the UK’s departure from the EU, which so far has been muted by the transition arrangements, not to mention the pressing effects of the COVID-19 pandemic during 2020, will become apparent.Continue reading “Major Implications for Timber Trade as Brexit Enters the Endgame. ITTO European Market Report 15th December 2020”
UK imports of tropical wood and wood furniture products continued to rebound in September, with total value rising to USD97.6 million, 30% more than the previous month and the same level as in September 2019 (Chart 1). UK imports strengthened significantly in the third quarter, in line with the recovery in the broader economy and in construction activity and the housing market as lockdown measures eased during the period.Continue reading “Rebound in UK Imports Continued in September but Prospects Less Certain. ITTO European Market Report 15th November 2020”
EU27 tropical timber imports are stronger than expected so far in 2020. The total EU27 (i.e. excluding the UK) import value of tropical wood and wood furniture products was US$1.98 billion between January and August this year, 14% less than in 2019. This is a significantly higher level of import than forecast earlier in the year with the “Great Lockdown” having a severe impact on the wider EU27 economy and on the supply side in tropical countries. The fact that EU27 trade in tropical wood timber products was cooling even before the onset of the COVID-19 pandemic makes this performance more remarkable.Continue reading “EU27 Tropical Timber Imports Stronger Than Expected So Far In 2020. ITTO European Market Report 31st October 2020”