Imports of a wide range of wood products are continuing to rise in value terms. In August, the total value of imports was AUD129.4M. This was the second highest monthly import value ever reached and was just AUD0.5M lower than the record set in November 2013.
This is displayed in the following chart extracted from the FWPA dashboard.
To go straight to the dashboard and take a closer look at the data, click here.
The overall value is important, especially as the value of imports appears to be at least somewhat immune to the rising prices associated with the recent depreciation of the Australian dollar. The question is whether the import market is currently immune to price increases because demand is running ahead of the capacity of domestic supply.
It is in the detailed grade-by-grade breakdowns that we may find some answers.
For instance, detailed analysis of import data shows that the value of imported mouldings shot up 18.1% to AUD340.6M in the year to the end of August 2014. That is a new import value record, but it was bested by the value of imported particleboard, which rose 25.4% to AUD38.0M over the same period.
Other grades experiencing growth included MDF/Hardboard, which topped AUD100M for the first time, as the import value expanded 23.4% to AUD105.6M, Sawn Hardwood (up 30.7% to AUD39.2M) and Sawn Softwood (up 15.7% to AUD289.6M).
These across the board increases are all substantial and well ahead of the average depreciation of the Australian dollar, relative to the US dollar, over the same period.
The implication, which can be explored through the data dashboard by clicking here, is that the volume of imports has also risen.
