The timber and panel products sector is exhibiting signs of a slow but steady recovery, as import volumes for the primary products recorded a marginal 1.5% decrease in the first ten months of 2023 compared to the same period in 2022. The recent statistics from Timber Development UK (TDUK) suggest that, despite a persistent cumulative annual deficit, there is a notable improvement in the sector as it steps into the new year.
In the ten months leading up to October 2023, the import deficit decreased to 123,000m3, marking a substantial reduction from the previous month's figure of 184,000m3 and a significant drop from the peak volume loss of 384,000m3 reported in May 2023.
October 2023 witnessed a commendable 9% surge in import volumes compared to October 2022, marking the fifth consecutive month of month-to-month growth in timber, panels, and engineered wood products.
While imported softwood prices maintained stability throughout 2023, the average prices of imported hardwoods experienced a consistent upward trajectory, remaining notably high compared to other timber and panel products. Imported hardwood prices, averaging £796/m3, saw a 4.6% increase over the most recent two-year period. In contrast, the average price of imported softwoods, at £245/m3, reached its lowest point since March 2021.
The 4.6% increase in hardwood prices encompasses rises of 3.2% for tropical species, 6.6% for mixed species, and a 2.5% fall for temperate species like Oak, which constitute the majority of hardwood imports.
Source: timberdevelopment.uk
