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The international price of imported Timber is predicted in 2023, may not recover due to inflation and economic recession.
Ipe and Jatoba imports added back into US statistics
Imports of sawn tropical hardwood appeared to soar in
January, but the actual rise is difficult to tell as US
officials again reclassified its categories for counting some
wood types.
The official count from the US Departments of
Agriculture and Commerce shows import volumes up
216% in January over December and 241% over January
of last year. This number is inflated because the sawn
tropical hardwood category changed in 2021 to omit
imports of Ipe and Jatoba.
23 ITTO TTM Report: 26:5 1 – 15 Mar 2022
Beginning this month, Ipe and Jatoba imports have
returned to the category, but may not count the woods the
same as they have previously. This seems most likely the
case in regarding Jatoba imports, where totals fell by 98%
versus last month, for the lowest volume of the last 10
years.
Additionally, a category of “other tropical” woods has
been eliminated from counting toward the total. Despite
the changes, it is clear that there was a definite spike in
overall imports as imports of Keruing more than
quadrupled, imports of Virola more than doubled, and
imports of Mahogany rose by 73%. Imports of Cedro and
Balsa both fell in January by more than 30%.
Perhaps because of the changes in accounting, official
tallies show huge gains in imports from Brazil, Indonesia
and Malaysia. Total volume rose to 26,160 cubic metres
for the month, the highest volume since May 2019.
Canada saw its imports of sawn tropical hardwood fall by
18% in January. However, the volume was 15% higher
than that of January 2021. Imports from Ghana were
especially strong in January, up 411% from the previous
January, while imports from Brazil and the US, though
both better than last month, were sharply behind January
2021 levels.
Dollar Exchange Rates
As of 25 March 2022
Brazil Real 4.7645
CFA countries CFA
Franc 591.75
China Yuan 6.3642
Euro area Euro 0.9019
India Rupee 75.67
Indonesia Rupiah 14364
Japan Yen 124.0
Malaysia Ringgit 4.2135
Peru Sol 3.92
UK Pound 0.7637
South Korea Won 1209.05
Exchange rate indices (US$, Dec 2003=100)
Manufacturing growth continued in February, except
for wood products
Economic activity in the manufacturing sector grew in
February with the overall economy achieving itsa 21st
consecutive month of growth according to the nation’s
supply executives in the latest Manufacturing ISM Report
on Business.
The February Manufacturing PMI registered 58.6%, an
increase of 1% from the January reading of 57.6%. This
figure indicates expansion in the overall economy for the
21st month in a row after a contraction in April and May
2020.
“The COVID-19 omicron variant remained an impact in
February; however, there were signs of relief, with
recovery expected in March,” said Timothy Fiore, chair of
the Institute for Supply Management Manufacturing
Business Survey Committee.
Of the 18 manufacturing sectors followed by ISM, 16
reported growth in February, with the Wood Products
industry being the only sector reporting a decrease
compared with January
Abbreviations and Equivalences
Arrows 🢛🡅 Price has moved up or down BB/CC etc quality of face and back veneer BF, MBF Board foot, 1000 board foot Boule bundled boards from a single log TEU 20 foot container equivalent
CIF Cost insurance and freight C&F CNF Cost and freight
cu.m cbm cubic metre
FAS First and second grade of sawnwood
FOB Free-on board
Genban Sawnwood for structural use in house building GMS General Market Specification
GSP Guiding Selling Price Hoppus ton 1.8 cubic metre
KD, AD Kiln dried, air dried
Koku 0.28 cubic metre or 120 BF
LM Loyale Merchant, a grade of log parcel MR.., WBP Moisture resistant, Weather and boil proof MT Metric tonne
OSB Oriented Strand Board
PHND Pin hole no defect
QS Qualite Superieure
SQ,SSQ Sawmill Quality, Select Sawmill Quality
Builders call on government to end tariffs
The National Association of Home Builders (NAHB)
urged the Biden administration to increase domestic
production of softwood timber from federal lands and to
work with Canada on a new softwood lumber agreement
that will eliminate tariffs.
A discussion took place in March during a virtual White
House listening session on resolving the timber and
building material supply chain crisis.
According to a statement released by the NAHB after the
meeting, NAHB Chairman Jerry Konter told
administration officials that home building material costs
are up 20% year-over-year. And, since last August, the
price of framing lumber has more than tripled and oriented
strand board prices have doubled.
“These supply chain price increases have only added to the
ongoing housing affordability crisis,” Konter said. “Few
things would have a more immediate impact on lumber
markets than a swift resolution to our ongoing trade
dispute with Canada over softwood lumber.”
Konter called on policymakers to do their part to help
boost domestic production by seeking higher targets for
timber sales from publicly owned lands and opening up
additional federal forest lands for logging in an
environmentally sustainable manner.
