NZ log exports to China remained firm - TTM ReportFriday 26 Jan 2024
According to China Customs, in the first 10 months of this year log imports from New Zealand were 14.51 million cubic metres, up slightly (1.1%) accounting for 46% of the national total and valued at US$1.796 billion, down 20%. The volume of New Zealand's log exports to China did not show significant growth up to October this year. In the first 10 months of 2023, imports increased by about 2% percentage points year on year and in the third quarter of 2023, imports fell by 17% quarter-on-quarter and 11% year-on-year. After a three-month decline in imports between July and September 2023 China’s log imports from New Zealand rose 18% to 1.57 million cubic metres in October, up 3 percentage points year-on-year. The average CIF price for log imports from New Zealand in October fell 21% to US$124 per cubic metre over the same period in 2022. The CIF price for log imports from New Zealand fluctuated between January and October in 2023.  It has been reported that prices for New Zealand logs are showing signs of recovery. Prices in November 2023 were US$9 per cubic metre higher than in October 2023 and prices for logs from North Island exporters in New Zealand rose US$5-10 per cubic metre. It has become apparent that New Zealand forestry companies are seeking new markets, however, China accounts for more than 80% of New Zealand log exports. More >> Source: International Tropical Timber Organization --(2022)_s73dwfm7bqgc.jpg)
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