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Report from
North America
Sawn tropical hardwood imports gain 13%
US imports of sawn tropical hardwood rose 13% in April.
Notable gains were made in imports from Brazil (up 35%),
Cameroon (up 125%), and Ghana (up 120%). Imports
from Malaysia and Cote d’Ivoire both fell substantially for
the month.
Imports of Ipe, Mahogany, and Virola all made
considerable gains in April and are well ahead of last
year’s volume for the year so far. Imports of Keruing were
down 67% in April and are off by 39% for the year to
date. At 15,897 cubic metres, imports for the month were
3% less than the previous April, but still enough volume to
stay ahead for the year so far. Total imports through April
are up 2% over last year.
Canada’s imports of sawn tropical hardwood fell 7% in
April but were still 40% higher than in April 2023.
Imports from Congo (formerly Brazzaville) more than
tripled in April and are up 182% for the year so far.
Imports to Canada from the US were down 22% for the
month and are off by 55% for the year through April.
Total imports to Canada are ahead of last year to date by
19%.
US Department of Agriculture, Foreign Trade Statistics,
US hardwood plywood imports edged up
The volume of US imports of hardwood plywood rose 4%
in April as imports from Indonesia remained strong. The
240,719 cubic metres imported in April was 50% more
than last April’s volume. However, the dollar value of
imports fell 6% in April to US$138 million from US$146
million in March.
Imports from Indonesia are up 56% in volume year to date
after rising 1% in April while imports from Malaysia rose
11% for the month and are ahead 147% for the year so far.
Imports from Vietnam are also well ahead of last year, up
163% despite a 17% slide in April. Total imports of
hardwood plywood are up 63% versus last year through
April.
Cameroon increases its share of US tropical hardwood
veneer market
US imports of tropical hardwood veneer continued their
comeback in April, rising 13% from the previous month.
Despite the gain, the April total was 17% less than that of
April 2023. Imports from Italy continued their slide,
falling 25% in April and down 82% compared to the first
four months of the year. Conversely, imports from
Cameroon keep growing.
For the year so far, imports from Cameroon have grown
88% over last year while imports from all other major
trading partners have shrunk. The trend accelerated in
April as imports from Cameroon increased 81% over the
previous month. In April Cameroon supplied the US with
more than four times the tropical hardwood veneer than
any other country. Total imports of tropical hardwood
veneer are down 18% versus last year through April.
Flooring panel imports trending up - hardwood flooring
trending down
US imports of hardwood flooring more than gave back
their March gain, falling 15% in April as imports from
Brazil fell by nearly 50% and imports from Vietnam
reverted to normal levels after a one-month bonanza in
March. A gain in imports from top trader Indonesia made
up for some of the deficit, rising 28% over the previous
month, while imports from Malaysia recovered their
weakness of the last few months.
Despite the improvement, imports from Malaysia are
down 70% versus last year through April while imports
from Indonesia are off by 46% over the same period. Total
imports of hardwood flooring are down 21% so far this
year versus 2023.
Imports of assembled flooring panels rose 7% in April.
The uptick was helped by a 41% increase in imports from
Indonesia as well as gains in imports from Brazil and other
countries not seen as major suppliers. Imports from most
of the major supplying nations were down in April except
for Indonesia, which is the exact opposite of the trend for
the year so far.
Despite falling more than 10% in April, imports from
Thailand are up 210% for the year so far, imports from
Vietnam are up 80%, and imports from Canada are up
44%. And despite the boost in April, imports from
Indonesia are still 43% behind last year through April.
Total imports of assembled flooring panels are up 32%
versus last year for the first four months of the year.
Moulding imports drop
US imports of hardwood moulding ended their climb in
April, falling 9% from the previous month. Despite the
drop, imports were 18% higher compared with April 2023.
Imports fell among all major trading partners with imports
from Malaysia falling 20%, imports from China falling
15%, and imports from Brazil falling 22%.
Imports from each of these sources were down sharply for
the year so far, while imports from Canada (which were
flat in April) are up 7% year to date. Total imports of
hardwood moulding are ahead of last year by 17% through
April.
US wooden furniture imports slip again
US imports of wooden furniture fell for a second
consecutive month in April, dropping 6% from the
previous month. At US$1.57 billion, imports were 2% less
than last April—the first time this year monthly imports
were below that of the previous year.
A 12% decline in imports from Vietnam accounts for most
of the shortfall, as imports from nearly every other country
moved less than 5% either way. Imports from Mexico fell
only 1% in in April but are now down more than 10% for
the year so far. Total imports are up 7% versus last year
through April.
As for the overall furniture market, Smith Leonard reports
that new orders were up 2% in March 2024 compared to
March 2023, continuing the streak of nine out of the last
10 months with overall order growth over the prior year.
New orders for March were flat compared to February.
Year to date through March 2024, new orders are up 5%
compared to 2023.
However, shipments in March 2024 were down 17% from
March 2023, and also down 4% from February 2024. Year
to date through March 2024, shipments are down 12%
compared to 2023.
Inventories and employee levels are again materially in
line with recent months, but down from 2023, indicating
that furniture companies have substantially adjusted levels
to match current operations.
See:
https://www.smith-leonard.com/2024/06/03/may-2024-furniture-insights/
Cabinet Sales fall behind last year for Q1
First quarter sales of cabinets in the US were down more
than 7% in 2024 versus the previous year, reported the
Kitchen Cabinet Makers Association (KCMA). Sales
from KCMA survey participants came in at just under
US$685 million compared with US$738 in Q1 of 2023.
Custom sales were down 19.2% from the previous year
and semi-custom sales were down 3.7%. Stock sales rose
1.6% in Q1 2024 versus Q1 2023.
See:
https://kcma.org/insights/march-trend-business-report-0
Interest rate stagnation impacts wood products
markets
Fastmarkets, a cross-commodity price reporting
agency in the agriculture, forest products, metals and
mining and new generation energy markets has a
report on how interest rates are impacting US home
buyers and the timber sector. Fastmarkets says “The
ongoing Federal Reserve rate stagnation is having a ripple
effect across the wood products market and the broader
economy, affecting everything from home buying to the
timber industry. Persistently elevated rates have made it
nearly impossible for lower-income mortgage applicants
to qualify for financing”.
See:https://www.fastmarkets.com/insights/federal-reserve-rate-stagnation-impacts-wood-products-markets/
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