TDUK Reports Modest Increase in UK Wood Product Imports in July

On Tuesday, Timber Development UK (TDUK) reported that wood product imports in July, the latest month for which data is available, were higher than in July 2023—the second consecutive month with year-over-year growth.

Import volumes grew 0.5% in June and grew 2.9% in July. As a result, the deficit of import volumes in 2024 compared to 2023 is continuing to reduce.

Considering that the market saw comparatively weaker import volumes during the second half of 2023, if even modest improvements continue during the second half of this year, TDUK says the UK will likely see total import volumes for the year moving ahead of 2023.

The overall year-to-date deficit for import volumes of the main timber and panel products remains 2.8% lower when compared to the same period in 2023. Solid wood imports were 1.7% lower, with panel product imports 4.8% lower.

Improved volumes of softwood, particleboard, and OSB have been largely responsible for reducing the deficit, with softwood imports by the end of July just 1% behind the first seven months of 2023.

The value of softwood imports year-to-date was 3.4% lower than the same period in 2023; this overall decline in value was caused by the 1.3% reduction in volume coupled with a 2.1% fall in the average price of the basket of softwood imports. The value of planed softwood was 1.5% lower compared to 2023, with the value of sawn goods 5.3% lower.

TDUK said the National Softwood Division (NSD) has issued its forecast for 2024 and 2025, believing that import volumes will remain subdued in 2024, falling to around 5.6 million m³ before a 5% recovery in 2025 to reach around 5.9 million m³. Softwood imports in 2024 are predicted to be 2.6% lower than in 2023.

TDUK head of technical and trade Nick Boulton said:

“While it’s still too early to have a clear idea of second half wood imports, the optimism for increased private housing and RMI in 2025 is certainly encouraging businesses to maintain their wood stocks through regular imports rather than letting them fall further. While our NSD forecast is probably a realistic reflection of current construction levels, the thought of better times ahead may encourage some additional imports as we head to year end.”