Global Lumber Index Grows as China’s Consumer Stimulus Boosts Lumber Market

Time:2023-09-04

According to the latest report, China’s timber industry has seen growth mainly due to the issuance of Several Opinions on Promoting Home Consumption by 13 government departments.

According to the International Tropical Timber Organization (ITTO), the Chinese timber market saw growth in July 2023, with China’s Global Timber Index (GTI) reaching 53 percent, the second time it has exceeded 50 percent since April, indicating growth in the sector.

According to the latest GTI report, China’s timber sector has seen growth mainly due to the issuance of Several Opinions on Promoting Home Consumption by 13 government departments in the country.

The timber sector in the African country of Gabon also showed positive growth, with GTI increasing by 7 percentage points to 51.3% in July, driven by higher harvesting volumes, an increase in the number of employees in the production and management sectors, and more aggressive deliveries.

Lumber Market

The situation in other countries is less optimistic. With GTIs of 34.7%, 34.8% and 43.4% in Malaysia, Congo and Mexico, respectively, the continued decline in home improvement work shows the downturn in the timber markets in these countries.

The July GTI compiled the challenges facing the timber industry, according to the GTI report. Demand for exports from timber-producing countries has fallen in 2023 as demand in international markets continues to shrink, and some Brazilian companies say they have put workers on vacation to cope with the situation.

Congo’s wood products companies report a significant slowdown in demand for products of individual species in Asian markets, particularly China. As a result of Congo’s ban on log exports, China imported only 2,614 cubic meters of Oguman species products in June, down 95% compared to the same month last year and 90% compared to the previous month.

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