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Report from
North America
Slight recovery sawn tropical hardwood imports
After two months of sharp declines US imports of sawn
tropical hardwood recovered slightly in October, rising
12% from the previous month. At 12,198 cubic metres,
the volume of tropical sawn hardwood imported in
October was 21% less than was imported in October 2032.
A 38% increase in imports from Indonesia and a 60%
increase in imports from Malaysia accounted for much of
the gain.
Imports from Malaysia have been particularly weak this
year and are behind 2023 year-to-date by 43%. Imports
from Brazil are also trending badly, down 45% in October
versus the previous month and falling for the fourth
straight month. Total US imports of sawn tropical
hardwood are down 11% versus last year through October.
Canadian imports of sawn tropical hardwood held steady
in October rising less than 1% from the previous month.
At US$1.9 million, imports were 14% higher than those of
October 2023. Imports from most top trading partners
showed healthy gains while imports from Congo (both
Zaire and Brazzaville), Indonesia, and Bolivia all resumed
after reports of no imports last month.
Most of that gain was offset by a 39% drop in imports
from top trade partner Cameroon. Total imports by
Canadian of sawn tropical hardwood are up 39% for the
year so far.
US hardwood plywood imports gain but lag last years’
Imports of hardwood plywood rose 5% in October as the
volume remained steady throughout summer and early
autumn. Unfortunately, this October there was not the
spike in imports as seen last year. The 211,224 cubic
metres of plywood imported in October was 34% less than
that of October 2023 and the difference wiped out most of
the improvement 2024 was holding over the previous year
to date.
Imports from Indonesia rose 34% in October and fueled
most of the gain. Imports from Indonesia are up 22% over
last year through October. The total volume of hardwood
plywood imports for 2024 is now just 2% ahead of last
year to date after leading by well over 10% only a couple
of months ago.
Veneer imports show mild rebound
Imports of tropical hardwood veneer rose 14% over the
previous month in October but that is a much smaller gain
than normally seen as September is usually a very slow
month for veneer imports. The weak gain from September
to October this year was made evident by the fact that
October imports were 46% below those of October 2023
after they outpaced the previous year in September.
Imports from Cote d’Ivoire soared 85% in October and are
ahead of 2023 by 13% so far this year. Cote d’Ivoire is the
only major trade partner that is ahead in veneer imports so
far this year. Total US imports of tropical hardwood
veneer are down 16% versus last year through October.
Hardwood flooring imports hold steady
Imports of hardwood flooring in October were nearly
identical to the previous month, falling by less than 1%.
Imports from Brazil surged 96% in October. Imports from
Brazil are up 84% for the year so far and the gain in
October pushed Brazil into the lead as the top US trading
partner for the year.
Imports from Indonesia fell 22% in October and are off by
35% for the year so far. Total imports of hardwood
flooring for October were 20% less than October 2023 and
are down 14% year to date versus last year.
US imports of assembled flooring panels also held fairly
steady, falling 2% in October. At over US$32.3 million,
October imports were 37% higher than in October 2023.
Imports from Thailand rose 34% in October and are up
168% over last year to date. Imports from China also rose
more than 30% in October and are up 30% for the year so
far. Total imports remain up 36% over last year.
Moulding imports cool
After reaching a two-year high in September, US imports
of hardwood moulding fell 8% in October. Despite the
fall, imports were 32% higher than those of October 2023.
Imports from all the top trading partners cooled with
imports from Brazil diving 69% and imports from China
falling 41%. Total US imports of hardwood molding are
up 28% versus 2023 through October.
US wooden furniture imports continue to climb
US imports of wooden furniture rose 3% in October
continuing their climb back toward the all-time highs of
two years ago. Imports rose above US$1.9 billion in
October for the first time since 2022 as the month’s
imports held 9% higher than the previous October.
Imports from Malaysia climbed 25% in October, breaking
US$100 million for the first time in two years. Imports
from Malaysia are up 7% over last year through October.
Total imports of wooden furniture are also up 7% versus
2023 so far this year. As for the overall US furniture
market, new furniture orders fell 9% in September from
last year, continuing a steady decline that began in May,
according to Smith Leonard in its latest Furniture Insights
report. After a strong start to the year orders are now even
with 2023.
On the positive side, orders were 5% up over the previous
month of August, which in turn saw a 12% boost from
July. September orders were down for 63% of survey
participants compared with last year. Shipments for the
month were down 7% from last year and also down 7%
from last month. Year-to-date shipments are down 8%
from 2023.
According to press release from Research and Markets the
US office furniture market size could reach US$22.24
billion by 2030. The forecast also projects a compound
annual growth rate (CAGR) of 5% over the next five
years.
The press release says various factors, such as rising
disposable incomes, the real estate industry's growth, the
growth of businesses, and consumer demand for luxury &
premium furnishings, are driving the market growth.
Furthermore, the growing hybrid working culture and the
expansion of ed-tech platforms are driving industry
growth. Work-from-home (WFH) has become the norm
and is expected to continue for the foreseeable future,
driving the need for comfortable home office furniture.
See: https://www.researchandmarkets.com/reports/4514485/u-s-
office-furniture-market-size-share-
and?utm_source=GNE&utm_medium=PressRelease&utm_code
=f3cldg&utm_campaign=2016773+-
+U.S.+Office+Furniture+Market+Size%2c+Share+%26+Trends
+Analysis+Report+2025-
2030%2c+with+Coverage+of+Leading+and+Emerging+Market
+Players&utm_exec=carimspi
US employment surged in November
US hiring surged in November, bouncing back from a
dismal performance the previous month and returning to
strong growth. Employers added 227,000 workers in
November exceeding economist expectations of 214,000
additional jobs. The unemployment rate ticked up to 4.2%,
which remains historically low.
The manufacturing sector added 22,000 jobs, although that
entire gain can be attributed to the return of transportation
equipment manufacturers who were on strike in
September. Employment in the construction sector showed
little or no change over the month.
The fresh data offered a key clue about the health of the
economy as the nation hurtles toward end-of-the-year
holidays and the inauguration of a new president. The
findings could also help determine whether the Federal
Reserve cuts interest rates when officials meet later this
month.
US hiring has defied doomsayers for years. Stubborn
inflation, high interest rates and a contentious presidential
campaigns have proven no match for a resilient labour
market. Despite an overall slowdown this year, the labour
market has continued to grow. Hiring has persisted at a
solid pace; meanwhile, the unemployment rate has
climbed but remains near a 50-year low.
See: https://www.bls.gov/news.release/empsit.nr0.htm
Note: the doubling of the unit value for teak may be a statistical
error. Use with caution.
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