Key Highlights:
- 15% increase in overall timber and panel imports
- Softwood imports surged by 11%, driven by higher planned pine volumes
- Significant uptick in hardwood plywood imports, mainly from China
Volumes of key timber and panel products saw a notable uplift in October 2024, with a 15% increase in total imports compared to October 2023, according to the latest data from Timber Development UK (TDUK). This marks a strong recovery trend, reducing the cumulative import deficit for the year to date to just 1.2%.
Softwood Imports Deficit Almost Eliminated
- Softwood imports were 11% higher in October 2024 compared to the same period last year.
- The increase was largely driven by planned pine imports, which nearly doubled, with Swedish shipments contributing significantly to the rise.
- Sweden continues to be the top supplier, accounting for 47% of all softwood imports, with Latvia also seeing higher volumes.
- As a result, the softwood volume deficit for 2024 has been reduced to a negligible -0.3%.
Expert Commentary:
Nick Boulton, Head of Technical and Trade at TDUK, commented:
“The 15% growth in import volumes seen in October 2024 was exceptional when compared to the previous months, and it is certainly positive news that the cumulative import deficit between 2024 and 2023 is continuing to reduce.”
Boulton further cautioned that despite the positive October figures, challenges remain for 2025, especially with the slow pace of new housebuilding starts and weak consumer confidence, which is expected to impact the repair, maintenance, and improvement (RMI) sector.
Hardwood Plywood Sees Sharp Uptick
- October saw a 50% surge in hardwood plywood imports, with an additional 18,000m³ brought in compared to preceding months.
- China continues to dominate the hardwood plywood supply market, accounting for three out of every four cubic metres of hardwood plywood imported in October.
- Softwood plywood imports also saw a proportional increase, with Brazil and Finland adding 10,500m³ and 2,000m³ respectively.
OSB Imports Growth from Latvia and Germany
- Imports of unworked OSB climbed sharply, with an 11,000m³ increase from Latvia and a 3,000m³ rise from Germany.
- German prices for OSB imports fell by 9% between June and October, potentially influencing the surge in volumes, while Latvian prices saw only a modest 2% decline.
Cumulative Hardwood Import Trends (January–October 2024)
- Total hardwood imports remain 18,000m³ lower than the same period in 2023, with reduced volumes from the USA and Cameroon being the primary contributors.
- Despite this, increased shipments from Romania (+2,500m³), Estonia, and France have helped offset some of the shortfall.
- Imports of temperate hardwood dropped by around 9,000m³, mostly due to lower volumes from the USA, Croatia, and Germany.
Market Outlook:
TDUK noted that while October’s numbers are encouraging, the outlook for the global timber industry remains uncertain given the current market conditions. Besides, with house-building activity remaining subdued and anecdotal evidence of low consumer confidence, a significant rebound in global timber demand in early 2025 seems unlikely.
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