Europe is scaling back on timber imports, with the International Tropical Timber Organisation (ITTO) revealing that total imports into the EU dropped 20% to 350,000 cubic metres for the first six months of 2024.
That is according to the ITTO’s latest bulletin, which showed that the value of timber imports dipped to US $322.5 million, a drop of 21% over the same time last year. This comes amid fears that the rapidly deteriorating wood market is worsening the lives of millions of people in developing countries.
It comes as exports from most supply countries dipped, including Cameroon (which dropped exports by 15%), Gabon (31%), Brazil (22%), Malaysia (1%), the Republic of Congo (30%), Ghana (34%), the Ivory Coast (30%), Suriname (43%), and the Central African Republic (54%).
“Global timber demand is low,” the ITTO said, with “Brazil, China, the Congo, Gabon, Ghana, Malaysia and Mexico all receiving lower orders in August than the previous month.”
“Given this, many enterprises are looking at new ways to expand their markets, such as by developing innovative products, increasing sales channels and providing new services.”
Why 2024 has been a challenging year for tropical timber in Europe
For most of the year, trade has occurred against the backdrop of the EUDR and its beefed-up compliance requirements, which could now be extended by 12 months to December 2025, subject to EU approval.
In addition, the year-long Red Sea Crisis has had a major impact on transport and freight costs, driving up the price of timber products and shipping lines to reroute around the Cape of Good Hope. In June, Wood Central revealed that the Red Sea Crisis has seen more than US $200 billion worth of bulk trade rerouted, causing chaos for global timber’s “big six”—including China, Canada, Russia, Sweden, Germany, and the United States, which traded more than 70% of timber through the Suez Canal.
- Click here to visit Wood Central’s special feature on the Red Sea crisis and its impact on the global supply chains for timber products.
