{"id":76044,"date":"2018-07-10T12:53:52","date_gmt":"2018-07-10T12:53:52","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/uk-timber-trade-affected-by-brexit-and-currency-fluctuations\/"},"modified":"2025-09-19T08:48:30","modified_gmt":"2025-09-19T08:48:30","slug":"uk-timber-trade-affected-by-brexit-and-currency-fluctuations","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/uk-timber-trade-affected-by-brexit-and-currency-fluctuations\/","title":{"rendered":"UK timber trade affected by Brexit and currency fluctuations"},"content":{"rendered":"
\n

The UK Timber Trade Federation (TTF) reports that the last two years\u2019 have been volatile due to uncertainties over Brexit and subsequent currency fluctuation. The timber trade had weathered this until now, but into 2018 conditions have worsened, with wood and wood products imports declining 3.2% in the first quarter compared to the same period in 2017.<\/em><\/p>\n

Imports from within the EU fell 1.5% to \u20ac1.11 billion while those from outside the EU fell 4.7% to \u20ac1.15 billion.<\/span><\/p>\n

The decline in UK imports from outside the EU this year has been concentrated in plywood and joinery products from China, sawn hardwood from the USA, and pellets from the USA and Canada.<\/p>\n

The slowdown in UK imports is attributed partly to poor weather and the collapse of giant contractor Carillion and partly uncertainty surrounding Brexit with the UK moving from the fastest to the slowest growing EU economy.<\/p>\n

With the UK due to leave the EU in March 2019, the full impact of Brexit has yet to be felt. The TTF has warned that Brexit could land the UK trade with a \u2018\u00a31 billion tax bill\u2019 in non-deferrable VAT on wood imports from the EU. Currently under EU rules, importers can clear goods through customs and pay VAT later, a major cashflow benefit.<\/p>\n

However, once the UK leaves the EU VAT area, 20% VAT will have to be paid on goods\u2019 arrival. The TTF is concerned that this will contribute to additional costs for storing at ports and delays due to administering customs checks and documentation. The TTF is therefore urging government to maintain existing EU VAT arrangements.<\/p>\n

While from the perspective of the TTF, the extra bureaucracy of doing trade with the EU after Brexit is a clear disadvantage, these issues may create some new opportunities for suppliers outside the EU.<\/p>\n

In 2017, the UK imported wood and wood furniture products with a total value of \u20ac9.4 billion (US$10.9 billion) of which 49% derived from other EU countries.<\/p>\n

The UK is already by far the largest EU importer of wood products from outside the region \u2013 alone accounting for 25% of all extra-EU imports and 27% of EU tropical imports - and Brexit may increase this tendency to trade with countries outside the EU.<\/p>\n

However, these new opportunities need to be balanced against the potential negative impact of Brexit on the overall UK economy.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

The UK Timber Trade Federation (TTF) reports that the last two years\u2019 have been volatile due to uncertainties over Brexit and subsequent currency fluctuation. 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