{"id":83338,"date":"2022-12-06T05:30:18","date_gmt":"2022-12-06T05:30:18","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/eu-tropical-wood-imports-slow-mounting-signs-recession\/"},"modified":"2025-09-19T08:59:01","modified_gmt":"2025-09-19T08:59:01","slug":"eu-tropical-wood-imports-slow-mounting-signs-recession","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/eu-tropical-wood-imports-slow-mounting-signs-recession\/","title":{"rendered":"EU tropical wood imports slow with mounting signs of recession"},"content":{"rendered":"
\n

In the first nine months of this year the EU27 imported 1.53 million tonnes of tropical wood and wooden furniture products with a total value of US$3.48 bil. respectively 15% and 25% more than the same period the previous year.<\/p>\n

However, imports have been slowing since the summer and, as Europe moves into the winter months, there are ominous signs of recession ahead. The war in Ukraine is contributing to huge increases in energy prices, while business and consumer confidence has been hit by expectations of higher interest rates to control inflation.<\/p>\n

\"\"EU27 imports of tropical wood and wooden furniture products came off the boil in the third quarter this year after reaching in the previous quarter the highest level in dollar terms since at least before the 2007-2008 financial crisis. Imports of US$1.06 bil. during the third quarter of 2022 were 17% less than the previous quarter.<\/p>\n

However, they were still at historically high levels in dollar terms during the third quarter and 17% above the third quarter in 2021 (Chart 1a).<\/p>\n

The quarterly trend in EU27 imports of tropical wood and wooden furniture looks different in quantity terms (Chart 1b).<\/p>\n

Imports of 501,000 tonnes in the third quarter this year were 7% down on the previous quarter and 14% more than the same quarter the previous year. In tonnage terms Q2 2022 imports, while high compared to the previous two years, were not significantly greater than similar quarterly peaks in Q2 2019 and Q2 2016 and were well below the level of EU27 tropical wood product imports typical a decade ago (Chart 1b).<\/p>\n

This highlights that the volatility and record high levels of EU27 tropical wood and wooden furniture imports this year have been driven mainly by changes in CIF prices.<\/p>\n

These, in turn, have been affected due to the combined effects of changing freight rates and supply and exchange rate volatility in the wake of the COVID pandemic.<\/p>\n

Last year and in the first half of this year, EU importers responded to sharply rising consumption in the\"\"\u00a0European market \u2013 boosted particularly by heavy spending on home improvement and public finance to support economic recovery after the pandemic \u2013 by buying in larger volumes as CIF prices were rising to record high levels.<\/p>\n

However, demand in Europe fell dramatically during the summer months this year with rising economic uncertainty, particularly fuelled by the war in Ukraine and high energy costs. At the same time, global prices for wood materials and freight rates fell dramatically.<\/p>\n

A big decline in global trade has followed on from sharply rising interest rates in the United States and as China faces a raft of economic problems as the country has struggled to maintain a zero-COVID strategy and China\u2019s property market is in crises. The price of a 40 foot container for delivery into Europe from the Southeast Asia which hit record levels in excess of US$17,000 at the end of 2021, have now fallen to around US$2,500 today.<\/p>\n

The combined effect of these trends is that many European timber importers are now sitting on large stocks bought earlier at high prices which they are struggling to shift on to their customers. The value of these landed stocks is being undermined as prices for new orders in the main supply countries are falling.<\/p>\n

Costs of holding stock and manufacturing wood products are also rising as interest rates are being pushed up and energy costs are soaring.<\/p>\n

Meanwhile the euro value is still hovering close to parity with the US dollar, 10% down since the start of the year and only just above the lowest level for 20 years. Under these conditions, European imports of all tropical wood products are widely forecast to continue to fall in the months ahead.<\/p>\n

\"\"One factor which encouraged more EU imports of tropical wood products in the second quarter of this year was the curtailment of wood supplies from Russia and Belarus.<\/p>\n

This followed on from the sanctions imposed by the EU after Russia\u2019s invasion of Ukraine in February. This provided new opportunities in the EU market for some tropical wood products, notably plywood and decking for which Russian birch and larch products have been important substitutes.<\/p>\n

In the first nine months of this year, tropical products accounted for 9.7% of the quantity of all wood and wooden furniture products imported into the EU27, which compares to 6.7% during the same period in both 2021 and 2020.<\/p>\n

The gain in tropical wood share is due mainly to a large reduction in imports from Russia (-65% to 2.36 million tonnes) and Belarus (-49% to 1.32 million tonnes) during this period. After an initial fall in the early months of the war, EU27 imports from Ukraine recovered some ground in the second and third quarters and by the end of the first nine months of this year were, at 1.57 million tonnes, only 2% down on the same period in 2021 (Chart 2).<\/p>\n<\/div>\n

<\/h2>","protected":false},"excerpt":{"rendered":"

In the first nine months of this year the EU27 imported 1.53 million tonnes of tropical wood and wooden furniture products with a total value of US$3.48 bil. respectively 15% and 25% more than the same period the previous year. … Continue reading →<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":96071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4716,4715],"tags":[3291,3680,3493],"class_list":["post-83338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-trends","category-market-analysis","tag-eu","tag-tropical","tag-tropical-wood","topic-forestry","topic-industry-prices","topic-sawmilling","area-africa","area-asia-middle-east","area-europe","area-south-america"],"acf":[],"yoast_head":"\nEU tropical wood imports slow with mounting signs of recession - Timber Industry News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.timberindustrynews.com\/ro\/eu-tropical-wood-imports-slow-mounting-signs-recession\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EU tropical wood imports slow with mounting signs of recession - 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