This change is expected to lower the expenses for homeowners selling their properties by potentially reducing the standard commission rates, which have historically been among the highest globally.
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The average price of Russian lumber in Japan declined 27%.
However, the start of 2024 saw a downturn, with January exports falling 33% year-on-year.
Spruce and fir accounted for just over half of the total supplies.
Softwood log inventory increased.
Vietnam retained its position as China's largest veneer supplier, despite its share dropping to 46%.
The imports from China saw 47.9% plunge in volume and 49.3% drop in value.
Brazil remained the largest supplier despite a 35% decrease in volume.
The decline in the average price per cubic meter was consistent throughout the year.
This downturn is primarily attributed to cooling demand in the housing sector, driven by elevated mortgage rates that have dampened homebuying activity.
The United States continued to be the primary supplier, albeit with its supply volume decreasing by 5.4%.
Maryland-based company might proceed with the bankruptcy filing by the end of this week.
Engineered wood products segment shows strength while lumber segment barely breaks even.
Vietnam, remaining the largest supplier, experienced a decline in its share by 1.4 percentage points, with volumes dropping by 5.3%.
The United States witnessed a dramatic 317% spike in its export volume to Japan.
China, retaining its status as the largest importer of U.S. logs, accounted for 35% of total exports.
The average price of wood chips decreased by 8%.
The total value of these exports has risen by 73%, despite a notable 24.3% decline in the average price per cubic meter.
Country decreased log imports by over six times from 2003 to 2023.
Russian plywood exports to the U.S. have plummeted by 68% compared to pre-sanction levels.