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Report from
North America
Hardwood plywood imports up 32% in first half of year
US imports of hardwood plywood fell 17% in June, a slow
finish to a relatively strong first half of the year. The
201,632 cubic metres imported in June was 21% lower
than last June’s volume. Imports from Russia, Malaysia,
and Ecuador all fell by more than a third while imports
from the US’s top trading partner, Vietnam, decreased by
18% for the month.
Despite the drop, for the first half of the year, imports
from Vietnam and Malaysia are more than double that of
last year while imports from Indonesia are up 55%. Total
US imports of hardwood plywood for 2024 are outpacing
2023 by 32% through the first half of the year.
Sawn tropical hardwood imports rebounded in June
Imports of sawn tropical hardwood rose 16% in June,
recovering from a May which saw the lowest volume of
the year. Despite the gain, the 15,678 cubic metres
imported in June was 12% less than the amount imported
in June 2023.
Imports from top-supplier Brazil rose 64% in June and
were up 14% over 2023 for the first half of the year.
Imports from Malaysia, however, were down 47% so far
versus 2023. Imports of virola are more than triple last
year so far and imports of iroko, mahogany, balsa and ipe
are also outpacing last year through the first half of the
year.
Imports of both teak and keruing are off by nearly 50% so
far this year while imports of padauk are off by 82%.
Overall imports of sawn tropical hardwood are down 4%
versus 2023 through the first half of the year.
Imports of tropical hardwood veneer fell 5% in first half
of 2024
While US imports of tropical hardwood veneer fell 26% in
June, the monthly total was still 57% higher than that of
June 2023.
After falling well behind last year’s monthly totals early in
the year, imports advanced steadily in recent months to
end the first half of the year down only 5% versus 2023.
Imports from Cameroon continue to drive gains, rising 5%
in June and up 55% for the first half of the year. Imports
from India and Cote d’Ivoire are also ahead of 2023 for
the first half, while imports are down sharply from Italy (-
83%) and China (-43%).
Assembled flooring panel imports remain strong
US imports of assembled flooring panels rose for a third
straight month in June, topping US$28 million for the first
time since September 2022. The 3% gain over the
previous month was chiefly due to a 20% rise in imports
from Vietnam and a 46% rise in imports from China.
Imports from Vietnam, Thailand, and Canada are all well
ahead of last year through the first half of the year.
Imports from China are also ahead of last year,up 13%
while imports from Indonesia are lagging (-34% for the
year and down 6% in June). Total imports of assembled
flooring panels are up 32% over last year through the first
half of the year.
Imports of hardwood flooring fell 7% in June as imports
from Malaysia plunged 90% to about one-fifth of what
they were the previous June. Imports from Malaysia ended
the first half of the year down 48% versus last year.
Imports from Indonesia are also weak, falling 41% in June
and down 39% through the first half of the year.
Conversely, imports from Vietnam rose 49% in June and
are up fivefold for the year so far. Imports from Brazil
have also been strong, gaining 15% in June and up 63% so
far this year. Total imports of hardwood flooring are down
13% versus 2023 through the first half of the year.
Moulding imports up 25% in first half of 2024
US imports of hardwood moulding rose to their highest
level since September 2022, increasing 13% in June to
nearly US$15.7 million. That total is 94% higher than that
of June 2023. Imports from Canada, the top US trading
partner, rose 14% in June. Imports from Canada for the
year to date are up 8%. Total imports for the first half of
the year are up a robust 25% over 2023.
However, imports from several traditional trading partners
are lagging. Imports from Brazil and down 57%, imports
from China are down 15% and imports from Malaysia are
down 10% through the first half of the year.
Much of the 2024 increase in hardwood moulding imports
is coming from a variety of suppliers including Thailand
and Vietnam.
Wooden furniture importsUS$10 billion in first half of
2024
The US imported more than US$10.2 billion of wooden
furniture in the first half of 2024, a 6% increase over the
amount imported in the first six months of 2023. Furniture
imports for June were down 4% from May but at US$1.72
billion were 2% higher than the previous June.
Increased imports from Vietnam (up 18%) and Malaysia
(up 9%) have driven the gains for the year so far, although
both were down about 8% from May to June. Imports
from Mexico and Indonesia fell 3% and 30% in June,
respectively, and are both down for the year so far by
more than 5%. After sliding 11% in June, imports from
India are less than 1% ahead of 2023 for the year through
June.
Home sales fell in June to slowest pace since
December
The US housing slump deepened in June as sales of
previously occupied homes slowed to their slowest pace
since December, hampered by elevated mortgage rates and
record-high prices.
Sales of previously occupied US homes fell 5.4% last
month from May to a seasonally adjusted annual rate of
3.89 million, the fourth consecutive month of declines, the
National Association of Realtors said. Existing home sales
were also down 5.4% compared with June of last year.
“Right now, we’re seeing increased inventory, but we’re
not seeing increased sales yet,” said Lawrence Yun, the
NAR’s chief economist. “The latest data is implying that
maybe we’re seeing a slow shift away from what had been
a sellers’ market and slowly moving into a buyers’
market.”
Existing-home sales in the Northeast in June withdrew
2.1% from May to an annual rate of 470,000, a decline of
6% from June 2023. In the Midwest, existing-home sales
decreased 8% from one month ago to an annual rate of
920,000 in June, down 6.1% from the prior year.
Existing-home sales in the South slid 5.9% from May to
an annual rate of 1.76 million in June, down 6.9% from
one year before. In the West, existing-home sales declined
2.6% in June to an annual rate of 740,000, identical to a
year ago.
See: https://www.nar.realtor/newsroom/existing-home-
sales-slipped-5-4-in-june-median-sales-price-jumps-to-
record-high-of-426900
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