U.S. sawn hardwood exports to Europe rise on the back of strong Uk recovery

U.S. sawn hardwood exports to Europe were 201,000 m³ in the first six months of 2014, a 12.4 percent gain compared to the same period the previous year. Export value increased 20 percent to $154.6 million. Trade was boosted by a 40 percent rise in the volume of exports to the Uk, which amounted to 53,910 m³ during the six month period. Such was the pace of exports that the UK overtook Italy to become the largest volume market for U.S. sawn hardwood in the first half of 2014. (Chart1)

Exports during the first six months of 2014 were also buoyed by a recovery in exports to Germany (+10% to 26,550m³), Spain (+13% to 14940 m³), and Sweden (+31% to 7,460 m³). However, exports declined to Italy (-8% to 46,910 m³) and Portugal (-8% to 9,820 m³) during the six month period.

Amongst smaller European markets, there was a strong recovery in exports to Estonia, Ireland, Denmark, Greece, Poland, Lithuania and Malta in the first six months of 2014 (Chart 2). However exports declined to Belgium, Netherlands, and France during this period.

The second quarter of 2014 was particularly strong for exports to Europe coming at the end of the long hard winter in the U.S., which constrained supply and with some signs of improvement in the EU economy, particularly in the UK.

 

Oak remains very fashionable in all sectors in Europe from furniture and joinery to architectural interiors. It is therefore no surprise that American white oak is the number one species exported from the Usa. In fact, exports of sawn white oak to Europe were 87,740m³ in the January to June 2014 period, 13% up on the same period in 2013. Exports of white oak to the UK, Sweden, Spain, Denmark and Poland have recovered strongly this year, offsetting a decline in exports to Italy, Portugal, Belgium, the Netherlands and France.

 

Another positive trend is the steady increase in tulipwood exports to Europe, which were up again in the first half of 2014 by 17 percent to 56,440m³, compared to the same period last year. What is particularly encouraging about the tulipwood exports is the clear evidence that this species is being used more widely across a range of EU markets, and not just in Italy where it has always been popular with manufacturers.

There was also better news for U.S. hardwood veneer exports, which were up 7% compared to the same period last year. In the first six months of 2014, the U.S. exported 28.65 million m² of hardwood veneer with a value of $43.47 million, up 7% and 14% respectively compared to the same period in 2013. There was a significant recovery in exports to Germany (+16% to 7.7m m²), Spain (+25% to 4.6m m²), Italy (+26% to 3.4m m²) and Portugal (+63% to 2.8m m²).