Tropical timber imports from EU27 returned to "normal" levels
In the first five months of this year, the EU27 imported 710,800 tons of tropical wood and wooden furniture products with a total value of US$1.48b, down 17% and 27% respectively from the same period in 2022. This year's sharp decline is mainly the result of a strong start to 2022.
Total imports of tropical timber and wooden furniture in the EU27 in the first five months of this year were closely tied to the long-term average from 2013 to 2019, when trade was sluggish but stable. So, for now, after experiencing the volatility of the pandemic, trade appears to have returned to more normal levels.
Although imports were quite strong from January to March this year, especially in dollar terms, imports slowed sharply in April and picked up again in May.
Trade normalization partly reflects broader conditions in the European economy, as growth in the region has returned to the slow pace characteristic of the pre-pandemic decade. However, the fundamental factors behind this slow growth are now different.
