Timber import volumes 6% lower in 2024

The latest figures from the Timber Development UK has shown that timber import volumes started 2024 around 6% lower than in January 2023 – down by around 45,000m³.

It stated that this reduction was made up of very different levels of performance in the first month of the year. Softwood, hardwood and plywood imports were all lower than in January 2023, but particleboard, engineered wood, OSB and MDF products all saw imports increase slightly at the start of this year.

TDUK head of technical and trade, Nick Boulton, said: “A truer reflection of the sector’s product performance will be visible towards the end of Q1, but the 6% reduction we’ve seen in January’s figures does confirm the greater stability in the market when compared to the high increases and decreases experienced from 2020 to the end of 2022.

“We also need to bear in mind the latest housing start data, which indicates that while housing starts and completions held up well in 2021 and 2022, data for the full 2023 year is likely to be substantially lower once it is made available. Housing starts in England during Q4 2023, for example, were 51% below Q4 2022, on the back of a similar 52% reduction in Q3 2023 over Q3 2022. Given the importance of the newbuild housing sector to the timber industry, this is likely to indicate we can expect continuing challenges in the short term, and likely until after the coming General Election.”

For softwoods, a 9% reduction in volumes from Sweden was the largest contributor to the 9.6% drop, with import values also 15% lower in January 2024 than they were in January 2023. This fall was caused by the volume decline, coupled with a 5.6% fall in the average price of a basket of softwood products, down from £256m³ to £241m³.

Hardwood imports experienced a 13.8% fall, largely due to tropical hardwood imports being down by around 3,000m³. In contrast, volumes of temperate hardwoods increased by 2%, with imports from the USA, Croatia and Romania accounting for most of this growth. Overall plywood imports were also down 6%, though hardwood plywood volumes rose 36%, mostly due to a near 18,000m³ increase from China.

Substantial increases in particleboard imports from Belgium, Portugal and Spain helped account for the sector’s 3.4% growth, while OSB and MDF imports were up 6% and 4.1% respectively. Finally, a 12.8% growth in engineered wood product import volumes rounds out the varied January 2024 results.

This month’s TDUK statistics also examines the impact of Brexit on timber supplies as we pass the latest anniversary since the UK left the European Union.