.png)
Overall timber import volumes were 13.6% lower in April 2023 than in April 2022, with reduced construction activity in the private housing and the repair, maintenance & improvement (RMI) sectors deemed to be largely responsible.
Gradual declines were seen in all categories, most notably softwood, which was down 6% in April compared to the previous year.
Despite reduced volumes, the monthly rate of change in April 2023 was significantly less volatile than the fluctuations of the last three years, suggesting a return to pre-pandemic market patterns.
This is echoed in the timber price data, with timber values appearing less volatile in 2023 than in the previous two years.
Nick Boulton, head of technical and trade at the trade body Timber Development UK, said:
“Timber imports have had a solid start to 2023, however the gradual decline in April 2023 is unsurprising. Crucial demand-driving sectors like private housing are struggling due to high-interest rates, with the cost of borrowing deterring aspiring homeowners. Sticky inflation is also proving an issue, particularly in the RMI sector.
“This slowdown, however, is likely to be temporary, with the CPA predicting RMI and private housing recovery next year.
“On a more positive note, the statistics highlight a return to more ‘normal’ market patterns, with import and price volatility appearing to stabilise in 2023. Though fluctuations are still likely, the figures suggest the dramatic peaks and troughs of the immediate post-covid years are likely behind us.”
Got a story? Email news@theconstructionindex.co.uk
