The import value of tropical wood and wood furniture into the UK in the opening two months of this year were at record levels. In the January to February period, import value totalled US$270 million, 47% more than the same period in 2021 when imports were also high following a strong rebound after the downturn during the first COVID lockdown in 2020. In fact, this was by far the highest value import of tropical wood and wood furniture products into the UK in any two month period since at least before the 2008 financial crises.
Rise In Prices Drives Large Increase EU27+UK Tropical Wood Import Value. ITTO European Market Report 31st March 2022.
In 2021, the EU27+UK imported 2.22 million tonnes of tropical wood and wood furniture with a total value of USD4.93 billion, a gain of 8% and 27% respectively in quantity and value terms. Compared to the pre-pandemic level of imports in 2019, imports last year were up 12% in value terms but still down 6% in quantity terms.
EU27 Tropical Wood Imports Slow Sharply In The Second Half Of 2021. ITTO European Market Report 15th January 2022
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).
Imports Of Tropical Wood Rebound In The UK But Lose Share In A Rising Market
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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