Timber industry has been badly affected by Corona Virus

Posted on April 1, 2020

Container shortages is affecting trade with Asia and Trucking in Europe is affected by long queues at the borders. USA exchange traded futures have dropped by 30% making sawmill unprofitable since the end of February 20 million jobs might be lost in the US and unemployment might be the highest since the great depression in 1929-1933 Finland has seen finished goods warehouse decrease by half a million cubic meters Swedish Employment Service estimates that about 20,000 jobs might be lost Overall around the globe consumption is expected to decline by 3% in 2020 as compared to 2019 Inventories are expected to increase in the next few weeks, which will lead to falling prices. Housing starts might decline by double-digit with market share of single-family house might increase in the medium-term as people may want to live farther apart from each other. Logs prices which were on the rise at the beginning of 2020 might go down An extended crisis might lead to permanent capacity closures and also reduction of logging and transport capacity In China however, recovery is expected to begin soon and industry is hopeful that demand for wood products may start to increase with demand from real estate and construction sector Recently, China has started to increase industrial production, export, investment and consumption which stand between 15% and 25%.

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