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China's economic stimulus elevates Global Timber Market performance

China's economic stimulus elevates Global Timber Market performance

Posted on August 29, 2023   |  

The International Tropical Timber Organization (ITTO) reported a growth surge in China's timber market during July 2023, as reflected in the Global Timber Index (GTI) reaching 53%.

China's GTI crossed the significant 50% threshold for the 2nd time since April, signaling notable growth attributed to strategic measures by 13 government departments aimed at promoting home furnishing consumption.

Gabon's timber sector experienced robust growth as its GTI grew by 7% points to 51.3% in July. Factors such as increased harvesting volume, enhanced workforce, and more dynamic delivery contribute to this positive trend.

Indonesia and Brazil maintained stability in July, with Indonesia's GTI standing at 50% and Brazil's at 35.3%, indicating minor declines while showing steady consistency from June.

Other countries faced hurdles in their timber markets, with Malaysia, the Congo, and Mexico encountering declines in activity. Their GTIs record figures of 34.7%, 34.8%, and 43.4% respectively, reflecting subdued market conditions.