UK Imports Down but Prices Stabilize in Q1, Timber Development UK Reports

Timber imports saw weaker volumes during Q1 than in 2023Q1, and greater price stability for many timber and panel products has continued in recent months, Timber Development UK (TDUK) reported (6-7-24).

Import volumes for Q1 were around 150,000m³ lower year-over-year. While January and February remained at similar levels, volumes fell back in March, resulting in a 6.2% reduction. Nearly all product types experienced this fall in volume, with only hardwood plywood finishing higher.

Figures for March also show import prices for softwood, hardwood, and plywood imports have largely stabilized in recent months, returning closer to pre-Covid and pre-Brexit levels, TDUK reported. During 2023, average monthly imported softwood and hardwood price levels barely changed, though hardwood and softwood plywood prices continued to be more volatile. However, these also seem to have stabilized significantly at the beginning of 2024.

In remarks accompanying the report, TDUK Head of Technical and Trade Nick Boulton said:

“The fall in timber import volumes during 2024Q1 are largely in line with the fall in overall construction output data, which was 1.4% down in 2024Q1 over 2023Q1 and 7.5% lower in March 2024 compared with March 2023. This can be attributed to poor UK economic performance and weaker construction outputs, which saw the lowest levels of housebuilding since 2014 (not including the Covid-affected year of 2020).

New housebuilding output in the UK—a significant source of timber usage—has fallen in each month (compared to the same month of the previous year) from February 2023 through to March 2024, with outputs 15% lower compared with March 2023.”