HS Code:
The 'Wood and articles of wood; wood charcoal' category, classified under HS Code 44, encompasses a wide range of products including raw timber, processed wood, wooden furniture, wood panels, and wood charcoal. This category is critical to global trade due to its applications in construction, furniture manufacturing, and energy production. The trade of wood products is influenced by factors such as sustainability concerns, deforestation regulations, and demand for renewable materials. Major exporting countries often have abundant forest resources, while importing countries rely on wood for industrial and domestic use.
Total Trade Volume
USD 150 billion
Data from 2022
Source
United Nations Comtrade Database
USD 20 billion
13.3% of total trade of total trade
Increasing
USD 18 billion
12.0% of total trade of total trade
Stable
USD 15 billion
10.0% of total trade of total trade
Decreasing
USD 10 billion
6.7% of total trade of total trade
Increasing
USD 8 billion
5.3% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
25% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements such as EU-Canada CETA)
Increased demand for sustainable and certified wood products
Higher prices for certified timber and growth in markets adhering to environmental standards
2021-2023
Rising use of wood in green construction
Boost in demand for engineered wood products like cross-laminated timber (CLT)
2020-2022
Shift towards wood charcoal as a renewable energy source
Increased trade in wood charcoal, especially in developing regions for cooking and heating
2019-2022
The European Union implemented the EUDR, requiring companies to prove that wood products are not linked to deforestation, effective from late 2023.
June 2023
Increased compliance costs for exporters to the EU, potential reduction in trade volume from non-compliant regions
Ongoing trade disputes have led to fluctuating tariffs on wood products between the US and China, impacting supply chains.
Mid-2022
Diversification of supply chains, with countries like Vietnam and Canada gaining market share
Sanctions on Russian timber and disrupted supply chains from Ukraine have led to shortages in Europe, driving up prices.
February 2022 onwards
Shift in trade patterns, with increased exports from North America and Scandinavia to Europe