Lumber imports to China fell for two consecutive quarters to reach 5.9 million cubic metres in the 4Q 2018. This matches the pattern from previous years of declining import volumes in the third and fourth quarters of the year. Total imports for 2018 were down 2.3% from 2017 but still the second highest volume on record, reports the Wood Resource Quarterly.
Continued uncertainty about the future of the Chinese economy, decade-low GDP growth in the 4Q 2018, and reduced investments in housing and construction have all been factors that have led to slowing demand for lumber in late 2018. Import volumes in January 2019 were up by almost 20% from January 2018, but it is still too early to say if that is just a short-term jump.
Russia's share of total imports to China has moved up from 55% in the 4Q 2017 to 63% in the 4Q 2018 as the sawmilling sectors in Siberia and the Far East continue to expand and deliver competitively priced lumber. Shipments from Finland and Sweden have fallen sharply in the past year, from a total of 624,000 cubic metres in the 4Q 2017 to only 335,000 cubic metres in the 4Q 2018, the lowest volume in three years.
