EU hardwood imports slump 48%

European hardwood imports from developing countries slumped 48% during the first quarter compared to a year ago, according to the International Tropical Timber Organisation’s (ITTO) latest market report.

Imports were also down on the fourth quarter for 2008.

ITTO said the figures provided some evidence for reports of a collapse in forward buying of tropical hardwood products at the end of 2008 as importers cut stocks.

The low level of imports, following on from a protracted period of decline, may mean EU hardwood stocks are at historically low levels, according to ITTO.