Australia remains optimistic market for U.S. as hardwood exports grew by 50% in 2024

Posted on December 12, 2024   |  

Australia remains the fastest-growing market for U.S. hardwood exports, with shipments of predominantly Red Oak rising by more than 50% from January to October 2024.

China is the leading market for U.S. hardwood lumber, accounting for 819,000 cubic metres of wood traded from U.S. ports. However, its share of total exports has dropped by 3%.

Other markets like Vietnam, Canada, the United Kingdom, and Australia have seen increases of 26%, 8%, 16%, and 50%, respectively, to make up for declines in China.

Red Oak and White Oak dominate global hardwood trade, accounting for 28% and 21% of the total volumes, respectively.

Yellow poplar makes up 11%, while walnut constitutes 9% of the total hardwood trade on global markets.

The U.S. annual hardwood production dropped to 5.54 billion board feet in 2023, the lowest since 1960 and less than half its peak in 1999.

In 2024, 2.42 million cubic metres of hardwood lumber were traded globally.