US hardwood plywood imports continue slide

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ITTO/Fordaq
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US imports of hardwood plywood fell for the second month in a row as volume retreated from a record high in March. At 325,924 cubic metres, May volumes slid 18% from the previous month to its lowest volume of the year. Imports from Vietnam plunged 65% to their lowest level in more than a year.

Despite the fall, imports from Vietnam are still more than double 2021 volume year to date through May. Imports from China fell 46% and imports from Russia sank 32% in May, their lowest volume since May 2019.

While we may finally be seeing some impact from U.S.- Russia trade tensions due to the invasion of Ukraine, imports from Russia remain up 25% year to date. Overall hardwood plywood import volume is up 50% year to date over 2021.

Veneer imports bounce back

Imports of tropical hardwood veneer jumped 50% in May after slumping in April. Much of the increase was due to imports from Ghana which rose more than 500% in May to their highest total since September 2019.

Imports from Ghana are now up 70% year to date.

Imports from Cote d’Ivoire, Cameroon and India were also up sharply, while imports from Italy (the top supplier to the U.S.) fell 13%. Total tropical hardwood veneer imports are ahead of last year by 47% through May.

US wooden furniture imports back into record territory

Imports of wooden furniture rose 8% to set a new record, breaking the one set in March. Imports from Vietnam alone came just under the US$1 billion mark as the US imported more than US$2.51 of wooden furniture in May.

Imports from Vietnam jumped 17% in May and moved ahead of 2021 year to date by 1%. Imports from China, Mexico and Canada also saw increases but of less than 10%. Total imports of wooden furniture remained up 11% year to date.

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