May domestic timber imports 5.99 million m³, import unit price slipped 2 per cent
According to the General Administration of Customs data, in May 2024, the country's imports of timber on arrival reached a total of 5.99 million cubic metres, compared with 2023 slipped by 5%; the trade volume synchronously slipped by 8.4% to 1.254 billion U.S. dollars; the average unit price of imports slipped by 2% to 209 U.S. dollars per cubic metre.
General Administration of Customs recently released statistics show that in May 2024, the country's imports of timber arrival reached a cumulative total of 5.99 million cubic metres, compared with the same period in 2023 slipped 5%, the trade volume also fell 8.4% to 1.254 billion U.S. dollars in tandem. Particularly noteworthy was the correction in the average import unit price, which fell 2% to US$209 per cubic metre.
In terms of import source countries, New Zealand, Russia and Thailand continue to be the main forces behind our timber supply. However, it is worth noting that the timber trade with Russia appeared to ‘cool down’ in May, with the import volume down by 14% to 1.21 million cubic metres and the trade value down by 11% to US$250 million.
Africa's timber supply also showed a different trend in May. Timber imports from Congo Brazzaville and DRC fell by 28% and 49% respectively, while timber trade with Cameroon saw a sharp drop of 51% to just 35,000 cubic metres. In contrast, timber trade with Ghana, Gabon and South Africa showed positive growth. In particular, timber imports from Gabon and South Africa increased by 28% and 125% to 64,000 cubic metres and 55,000 cubic metres respectively.
From the perspective of timber species, the market performance also showed diversified characteristics. As one of the popular timber species, the import volume of Ogoman logs increased by 22% to 31,600 cubic metres in May. This increase was mainly due to the resumption of logging activities after the end of the rainy season in some African countries, as well as the steady growth of domestic market demand. Despite the increase in imports, the average import unit price (CIF) for Ogoman logs decreased slightly, by 3%, to US$291 per cubic metre. This reflects the impact of factors such as price fluctuations in the international market and transport costs.
In contrast to Oguman logs, pineapple lumber sawn timber imports fell by a significant 22% to 3,200 cubic metres in May, while the average import unit price (CIF) also fell by 8% to US$816 per cubic metre. This change may be related to factors such as oversupply in the international market, increased competition, and exchange rate fluctuations.
In summary, the domestic timber import market in May 2024 showed a complex and variable trend. From the dimensions of import sources and timber species, the timber supply situation and market demand in different countries and regions show different characteristics.
