Full year results from TDUK show there has been a shifting emphasis in sources of supply for many timber and panel products.
A stronger end to 2024 saw volumes of the main timber and panel products imports finish the year up by 0.5% when compared with 2023 – an increase of 45,000m3.
Import volumes have steadily improved since Q3 2022, with the final quarter of 2024 showing volumes 13.1% higher than the same period the year before, although it should be noted that Q4 2023 was the weakest fourth quarter by volume since Q4 2012.
The small overall volume increase in timber and panel imports in 2024 was led by modest growth in softwood imports, supported by small increases in the volume of plywood, OSB and engineered wood products. The growth of these four products outweighed the volume reductions experienced by hardwood, particleboard and MDF imports. Solid wood imports for the year were 1.2% higher than in 2023, while imports of panel products were 1.0% lower.
A significant feature of 2024 has been the shifting emphasis in sources of supply for many timber and panel products. While overall volumes from the top five softwood supplying countries reduced slightly, with only Latvia and the Republic of Ireland growing by 7%, we saw good growth elsewhere. Norway, Lithuania, Austria, France and Canada all enjoyed higher volumes, and the combined growth from all countries outside of the top five in 2024 was an impressive 26%.
The overall value of softwood imports in 2024 was 1.5% higher than in 2023. The value of planed softwood grew by 3% and the value of sawn goods remained the same. Whitewood values were 1.7% lower in 2024 and redwood values rose by 6.2%.
All hardwood imports in 2024 were 2.2%, or around 10,000m3, lower than in 2023. The main contributors to this fall were the USA’s supply of temperate species, and Cameroon’s supply of tropical hardwoods. These volume reductions outweighed the higher volumes recorded from France, Latvia, Estonia and Romania.
TDUK Head of Technical and Trade, Nick Boulton, said: “It’s encouraging to see the gradual timber import growth in Q4 has contributed to achieve higher import levels for 2024 as a whole. However, this is at the end of a two period where we have seen almost no growth in the volume or value of the main wood product groups.
“With rising log and logistics costs over the same period the impact on critical areas within the supply chain is becoming increasingly apparent. The construction market as a whole continues to be challenging leaving a suspicion that the small rise in imports reflected increased stocks rather than consumption as we closed 2024.”
