Timber Development UK Timber Import Report Highlights Mixed Trends

Timber Development United Kingdom (TDUK) released its Q3 2024 timber import volumes report on December 6, 2024. The report highlights that year-over-year (Q3 2023–Q3 2024), timber import volumes showed growth in softwood, OSB, and engineered wood products (EWP). However, these gains were offset by declines in other categories, particularly hardwood plywood and MDF, resulting in an overall deficit of 1.2%.

Softwood imports increased by 1% in Q3 2024 compared to Q3 2023, and OSB and EWP also recorded growth. Despite these gains, solid wood imports for the first nine months of 2024 were 1.7% lower than the same period in 2023, while panel product imports declined by 5.2%. Average prices for timber and panel products gradually rose during this period, signaling the end of prolonged price volatility experienced between 2000 and 2023. A sharp volume drop in March 2024 accounted for much of the cumulative 2.9% deficit in timber and panel imports for the first three quarters of the year, with reductions spread across major product categories.

Nick Boulton, TDUK’s Head of Technical and Trade, commented on the findings:

“It’s encouraging to see prices stabilizing, albeit at low levels, and the overall import deficit narrowing to 1.2%. However, significant challenges remain, including limited softwood log availability and low stock levels. While subdued construction demand masks these issues, they will become more apparent as housing and RMI markets drive demand upward. Buyers should be cautious not to assume current price stability will persist long-term.”

Boulton emphasized the role of timber in achieving sustainability goals:

“Timber, with its low-carbon and sustainability benefits, should not be treated as a commodity in pricing. The built environment industry must recognize timber’s intrinsic value in the journey to net zero. Acknowledging this will help the supply chain recover from recent uncertainties and build stronger foundations for the future.”