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Market Report

Malaysia's wood furniture export value is expected to exceed RM13 billion by the end of 2021, an uptick from the RM12.8 billion recorded in 2020, according to the Plantation Industries and Commodities Ministry (MPIC).The figures are achievable and commendable in spite of the COVID-19 pandemic. The Minister of MPIC,...
Seven months into 2021 and volumes of timber and panels imported by the UK were nearly 2 million m³ higher than the first seven months of 2020, according to statistics released by the Timber Trade Federation (TTF).This growth has largely been driven by softwood imports, up by 43.6% compared...
Swedish-based furniture retailer IKEA is planning to minimise problems with global supply chain and increased shipping costs by moving more productions to Turkey, according to Kerim Nisel, IKEA's chief financial officer. "Due to shipment problems we faced during the pandemic, we are attempting to have more manufacturing in Turkey,"...
According to the Ministry of Agriculture and Rural Development (MARD), Vietnam and the US have reached an agreement to stop probe on illegal logging and timber trade that will avoid tariffs on Vietnamese timber exports. The agreement was sealed by Le Minh Hoan, Minister of MARD, and Katherine Tai,...
Although Vietnam’s wood and wood product exports grew by more than 62% year-on-year in the period January-June 2021, they have been curtailed since then by a fourth wave of the COVID-19 virus, which has disrupted supply chains.Many factories have been forced to close due to strict social distancing, and...
A report by Lakshmi Ajay in Indian Transport & Logistics News discusses the acute global container shortage, which is having a profound impact on trade. According to Ajay, sea freight rates from Cochin to Melbourne was US$650 for a 20ft container and $800 for a 40ft container in March...
In a statement by Datuk Zuraida Kamaruddin, the Minister of Plantation Industries and Commodities, Malaysia is planning to increase the furniture industry's exports by identifying key markets with high potential, such as North America, Canada and the Middle East.According to her, Malaysia's furniture export value stood at RM9.14 billion...
Building or improving a home has been getting more expensive since the start of the COVID-19 pandemic due to rising lumber prices. But there are signs that the prices are letting up. As of 16 Jul 2021, future contracts fell to US$536 per thousand board feet of lumber, a...
In the first two quarters of 2021, exports of wood and wood products from Vietnam increased but due to the pandemic, export earnings will decline in the coming months. According to the Directorate of Customs, exports of wood and wood products in the first seven months of 2021 reached...
The Forest Products Commission (FPC) of Western Australian government welcomes the announcement by the West Australian Premier, The Honourable Mark McGowan MLA, to invest a record $350 million to expand Western Australia’s softwood plantation timber industry.This record investment is expected to provide at least an additional 33,000 hectares of...