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Report from
North America
Reopened US government releases August trade data
Following a budget agreement to end the government
shutdown US government operations returned to normal
on13 November. The release of trade data, which had been
suspended, resumed with the release of August totals.
Data for imports of tropical hardwoods and related
products revealed no major trends in August. US imports
of imports of sawn tropical hardwood and wooden
furniture both fell 6% and imports of hardwood plywood
dropped by 15%. But imports of tropical hardwood veneer
surged 27% and imports of hardwood mouldings rose
14%, while imports of hardwood flooring and assembled
flooring panels held relatively steady.
US government agencies are still in the process of
scheduling releases of economic information to catch up
after the shutdown. Until the agencies return to a normal
release schedule, individual items in this report may reflect
data from varied months depending upon the latest
information available. Readers should carefully note the
time frame of all data.
August imports of sawn tropical hardwood lag
US imports of sawn tropical hardwood fell 6% in August
with imports from many of the top exporting countries
falling even further. At 15,192 cubic metres, import
volumes were up less than 1% versus August of last year.
Imports from Indonesia fell by 10%, imports from
Malaysia fell 26% while imports from top-trader Brazil
fell by only 2%. Imports from Ecuador, which have risen
sharply this year, tumbled 51% in August. Total imports of
sawn tropical hardwood remain just ahead of last year’s
pace, up less than 1% from 2024 through August.
In Canada, imports of tropical hardwood rose 19% in
August on strong gains in imports from Congo (Zaire and
Brazzaville), Bolivia and the United States, along with a
10% rise in imports from top-supplier Cameroon.
Hardwood plywood imports retreat, but remain strong
While US imports of hardwood plywood dropped by 15%
from July to August, imports still greatly outpaced last
August totals. At 272,862 cubic metres, August 2025
import volumes were 30% higher than in August 2024.
Apart from small gains from China and Cambodia,
imports from most leading trade partners fell in August,
led by a 39% drop in imports from Russia, a 26% fall in
imports from Malaysia and a 16% tumble in imports from
Indonesia. Despite the August retreat, total import volume
of hardwood plywood is up 25% over 2024 through
August.
Veneer imports surge
US imports of tropical hardwood veneer jumped 27% in
August, rising to their highest level in two years. The bulk
of the rise was due to a spike in imports from Italy, along
with strong gains in imports from India (up 152%) and
China (up 41%).
August imports were a full 69% higher than in the same
month a year ago. Imports of tropical hardwood veneers
are up 23% over last year through August.
Moulding imports reach highest level in more than 3
years
Imports of hardwood mouldings rose 14% in August to
reach their highest level since March 2022. Imports from
top trading partner Canada rose 10% while imports from
countries not seen as leading suppliers accounted for most
of the gain.
Despite August declines in imports from some of the other
top trading partners, notably China (down 61%) and Brazil
(down 38%), imports from all of the top traders are up by
one third or more for the year to date. August imports of
hardwood mouldings were 24% higher than in August
2024 and total imports are up 19% over last year through
August.
Imports of hardwood flooring slip
Imports of hardwood flooring held at a high level in
August despite slipping 3% from July totals. At US$7.1
million, imports were up 43% over the previous August. A
doubling of imports from China and a 36% gain in imports
from Malaysia helped mitigate declines in imports from
most other countries. With a strong summer, imports have
nearly caught up with last year and are now only down 6%
versus 2024 through August.
It is the opposite story for iports of assembled flooring
panels. Imports also remained steady in August, rising 1%
over the previous month,but they are at a very low level
versus last year. At US$20.6 million, imports were 33%
lower than in August 2024. An 11% loss in imports from
top-trader Canada erased gains of more than 40% in
imports from China and Indonesia.
With trade slumping imports of assembled flooring panels
are now behind last year’s pace for the first time this year,
down 1% through August.
Wooden furniture imports fall to yearly low in August
US imports of wooden furniture dropped 6% in August to
fall to their lowest level in 14 months. At US$1.59 billion,
imports for the month were 9% below those of August
2024. Imports from the top-supplier, Vietnam, were down
3%, while imports from Canada and China were off by
more than 10%.
For the year so far, Imports from Canada and Mexico were
down 12% and 13% respectively while imports from
China were down by 36%. Through August, total imports
of wooden furniture were down 2% versus 2024.
See: https://www.smith-leonard.com/2025/08/05/july-2025-
furniture-insights/
and
https://usatrade.census.gov/index.php?do=login
Existing home sales see small October gain, but
supply is now dropping
The drop in mortgage interest rates at the end of the
summer boosted home sales, but that gain may be short-
lived. Sales of previously owned homes in October rose
1.2% from September to 4.1 million units on a seasonally
adjusted, annualised basis, according to the National
Association of Realtors. Sales were up 1.7% year over
year.
This analysis is based on home closings, so additional
contracts were likely signed in August and September.
While contract signings would not be impacted by the
government shutdown that started in October, closings,
especially those requiring flood insurance or government-
backed rural home loans, could be.
The inventory of homes for sale has also come down.
After gaining for much of this year, supply fell to 1.52
million units, down 0.7% from September, although still
nearly 11% higher than a year earlier.
"Looking ahead, home shoppers in today's market face
some advantages from falling mortgage rates and
seasonally slower competition," said Danielle Hale, Chief
Economist at Realtor.com, in a release. "At the same time,
a lack of housing affordability continues to be a challenge
keeping home sales in their historically low level."
Month on month sales increased in the Midwest and
South, showed no change in the Northeast, and fell in the
West. Year-over-year sales rose in the Northeast, Midwest
and South, and decreased in the West.
See: https://www.nar.realtor/newsroom/nar-existing-home-sales-
report-shows-1-2-increase-in-october
Consumer sentiment tumbled to a three-year low
Consumer sentiment in the US dropped to a three-year low
and close to the lowest point ever recorded by the
University of Michigan one month into the government
shutdown, with pessimism over personal finances and
anticipated business conditions weighing on Americans.
The November survey showed the index of consumer
sentiment at 50.4, down a startling 6.2% from last month
and it has plunged nearly 30% from a year ago.
“With the federal government shutdown dragging on for
over a month, consumers are now expressing worries
about potential negative consequences for the economy,"
said Joanne Hsu, Surveys of Consumers Director at
University of Michigan. “This month’s decline in
sentiment was widespread throughout the population, seen
across age, income and political affiliation.”
The one exception, Hsu said, were those with large stock
holdings. Big tech companies, particularly in artificial
intelligence, have driven explosive returns for investors.
The tech-heavy Nasdaq is up 17% this year.
See: https://www.sca.isr.umich.edu/
and
https://www.msn.com/en-us/money/markets/consumer-
sentiment-tumbles-close-to-record-lows-in-latest-u-michigan-
survey/ar-AA1Q0YtT?ocid=BingNewsVerp
US manufacturing slipped further in October
Economic activity in the manufacturing sector contracted
in October for the eighth consecutive month following a
two-month expansion preceded by 26 straight months of
contraction, say the nation's supply executives in the latest
ISM Manufacturing PMI Report.
“Of the six largest manufacturing industries, only two
(Food, Beverage & Tobacco Products; and Transportation
Equipment) expanded in October," reported Susan Spence,
Chair of the Institute for Supply Management (ISM)
Manufacturing Business Survey Committee.
The Manufacturing PMI registered 48.7% in October, a
0.4-percentage point decrease compared to the reading of
49.1% recorded in September (a figure above 50% denotes
expansion). The overall economy continued in expansion
for the 66th month after one month of contraction in April
2020.
Of the 18 manufacturing industries surveyed by ISM, six
reported growth in October while 12 reported contraction.
Both the Wood Products sector and the Furniture &
Related Products sector reported contraction in October.
See: https://www.ismworld.org/supply-management-news-and-
reports/reports/ism-pmi-reports/
and
https://www.woodworkingnetwork.com/news/woodworking-
industry-news/manufacturing-pmi-487-12-manufacturing-
sectors-report-decline
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