59% rise in NZ log exports recorded
Compared with the June 2008 quarter, China has increased consumption from 30.5 percent of total log export volumes to 60.8 percent in the June 2009 quarter. Sharp increases from the previous quarter's exports are also noted for Korea (up 47.2 percent to 631 000 cubic metres) and India (up 125.3 percent to 231 000 cubic metres). In this latest quarter Japan is the only major trading partner to have recorded a decrease in export volumes. When compared with the March 2009 quarter, New Zealand log exports to Japan were down 59.2 percent (to 66 000 cubic metres) and down 63.5 percent compared with the level recorded in the June 2008 quarter. New Zealand's log market has continued to be driven by China's growth. China's central government has, so far this calendar year, allocated 270 billion Yuan (NZ$62.6 billion) to infrastructure development. Combined with uncertainty around Russian log export taxes, log pricing and supply, this allocation has supported a steady increase in log demand. Average export log prices continued to fall from the December 2008 quarter high of $132.32/Japanese Agricultural Standard cubic metres (JAS m3) to the June 2009 quarter average of $102.88/JAS m3. However, total export earnings from logs for the June 2009 quarter were NZ$290 million - an increase of 66.2 percent compared with earnings in the March 2009 quarter. The latest earnings increased 98.3 percent on the log export income in the June 2008 quarter. This information and the full June quarter forestry production and trade statistical release is now available from www.maf.govt.nz | ||
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