MARKET REPORT
Upward trend: US hardwoods to South East Asia and Greater China The wood and furniture industry in South East Asia and Greater China kicked off 2024 with an improvement in US hardwood export figures compared to last year, according to the American Hardwood Export Council (AHEC).
Vietnam, Indonesia and Thailand recorded the most growth, with Vietnam jumping by 22% in lumber exports to $51m, by 56% in log exports to $24.2m, and by 81% in hardwood veneer exports to $1.6m; Indonesia witnessed a rise in lumber exports by 48% to $5.1m, decrease in log exports by 43% to $150,000, and a 83% increase in veneer exports to $2.8m; Thailand boasts a 16% increase in lumber exports to $3.7m, a 30% increase in log exports to $0.48m, while the veneer remained stagnant at $390,000 for Q1. Species wise, white oak was the most popular species exported to South East Asia, occupying 46.1%, followed by yellow poplar at 21% and walnut at 14.7%. For Greater China, AHEC reported that while hardwood lumber value and volume exported dropped in Q1 2024, logs value and volume jumped by around 40% to $168m and by 22.7% to approximately 254,900m 3 respectively. Veneers as well increased by 33.4% to $407,000 in value exported, compared to Q1 2023. The most in-demand species in China by value were red oak, walnut, cherry, ash, white oak and maple, generating over $171m in exports, and accounting for over 92% of the total hardwood lumber exports to China. China purchased over 90% of all cherry, 53% of all red oak, 55% of all walnut, over 57% of all ash, and over 33% of all red alder that was exported globally in Q1 of 2024. TRENDS IN CHINA MARKET The Chinese furniture and interior design industry has recognised how important sustainability has become in the global market — not just as a trend or a requirement to enter markets after the implementation of the EUDR, but also to combat climate change. Currently, the industry has been encouraging the use of materials and design that
In Q1 2024, the total value of all US hardwood products exported to Greater China and South East Asian countries recorded a 5.3% year- on-year increase. More specifically, exports to South East Asia surged by 30.5% year-on-year to US$93.5m, and by 0.2% to $356.6m to Greater China.
According to AHEC, hardwood lumber exports to South East Asia increased by around 24% year-on- year, amounting to nearly $63m, with a volume increase of 24.4%. Log exports grew at 53.3% to $24.9m. Veneer exports increased by 54.9% to $5.6m.
20 PANELS & FURNITURE ASIA | SEPTEMBER / OCTOBER 2024
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