European timber imports have dropped by 20% in the first half of 2024, according to a market bulletin from the International Tropical Timber Organisation (ITTO)
The ITTO’s latest market bulletin show that European timber imports have dropped by 20% to 350,000m3.
This data shows a downturn but timber imports can remain optimistic for 2025. Timber is important for the construction industry as it will help to construct the government’s goals in homebuilding.
June and July imports are higher than last year
Overall import value in the first half of 2024 came to US$322.5m, a drop in 21% on the same period in 2023.
Despite the overall drop, there are recent signs of recovery in European timber imports.
June saw a growth in volume of 0.5%, and then a further 2.9% in July.
The report also says that exports have declined from almost every leading supplying country in the same period, including Cameroon (dropped exports by 15%), Gabon (31%), Brazil (22%), Malaysia (1%), Republic of Congo (30%), Ghana (34%), Ivory Coast (30%), Suriname (43%), and the Central African Republic (54%).
Import rates are recovering
Head of technical and trade at TDUK, Nick Boulton, said about European timber imports: “It’s encouraging to see a continued fall in the timber import deficit for 2024 when compared to the first seven months of 2023. While it’s still too early to have a clear idea of second half wood imports, the optimism for increased private housing and RMI in 2025 is certainly encouraging businesses to maintain their wood stocks through regular imports rather than letting them fall further. While our NSD forecast is probably a realistic reflection of current construction levels, the thought of better times ahead may encourage some additional imports as we head to year end.
“The new Government is still continuing to push ahead on its pledge to improve housebuilding starts across Britain, pledging at the recent Labour Party Conference to build 1.5m new homes within five years. If this can be achieved it will certainly be a boost for the timber industry, for which new timber frame houses are a key source of demand, but it remains to be seen whether or not this challenging pledge can be achieved.
“We look forward to working with the Government to tackle the challenges that stand in the way of this achievement and believe that mass timber building can help the entire country achieve its housebuilding and economic goals.”
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