The latest figures for August 2024 show imports of the main timber and panel products fell below the levels seen in August 2023 by nearly 4%. Lower hardwood plywood imports contributed to this lower volume, down 19% in the month. However, hardwood plywood volumes were untypically high in August 2023, exaggerating this year’s monthly decline.
Despite the fall seen in August, overall import volumes of the main timber and panel products remain just 2.8% lower in the first eight months of 2024 than during the same period in 2023 – with the overall deficit remaining the same as last month. This shows timber and panel imports have largely steadied over the last 18 months, following a period of great volatility post-pandemic.
In the first eight months of 2024, solid wood imports were 2% lower than during the same period in 2023, and imports of panel products were 4.6% lower.
Barring any unexpected changes before the end of the year, it is expected that the year will end with volumes being broadly similar to those seen last year.
The figures we’ve seen over the past 18 months can be largely attributed to weak construction and manufacturing markets, in addition to low levels of consumer spending and high interest rates. This has suppressed demand for many products in the UK, with timber and panel products being no exception.
The latest Construction Products Association’s (CPA) estimates for 2024 indicate private new housing output will be 9% lower and repair and maintenance output 4% down – both significant sectors for the use of timber as a material.
“Despite the largely subdued timber sector we’ve seen this year, there is cause for cautious optimism as we move into 2025," says TDUK Head of Technical and Trade, Nick Boulton. "The National Softwood Division (NSD) has projected a 5% uplift in softwood consumption in 2025, though these forecasts were published before the government’s Autumn Budget.
“The CPA has also predicted a rise in overall construction output of 2.5% in 2025 – slightly more positive than was expected three months before. The industry remains challenging, but there are signs that things are beginning to improve, and early indicators suggest the two largest construction sectors – private housing and private repair, maintenance and improvement – will pick up next year. This is good news for the timber sector, and now it’s important for us to take advantage of these opportunities as and when they arise.
“TDUK will continue to raise awareness of the benefits of timber as a fast, efficient and sustainable building material – particularly with government, as it looks to fulfil its pledge to boost housebuilding over the coming Parliament.”
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