UK Wood products and Forestry sectors grew considerably in 2015, TTF Annual Review reports
According to the Statistical Review 2016 published today by the Timber Trade Federation (TTF), Timber Industry maintains its place among the larger UK manufacturing sectors and is listed in the top 10 fastest growing UK manufacturing sectors.
In details, 2015 saw a 11.4% growth in the value of wood products, compared on the previous year. Similarly, UK forestry and logging was shown to have grown by 20.4%.
"The growth rate in the wood and wood products sector also outperformed many related industries, such as furniture, plastics and the construction of buildings", the TTF Statistical Review reports. "Together, the forestry and wood products sector achieved a combined value of £9.5 billion in turnover."
However, these positive news are balanced by the "small contraction" suffered in 2015 by the timber market after two very strong years of growth. According to the TTF, the decline was mainly due to the general economic slowdown in the UK, Eurozone and across the globe.
"Having followed a general trend of growth from 2008 to 2014, domestic and imported wood consumption decreased in 2015 by 1.8%. This was predominantly due to changes in imported product consumption: Hardwood and MDF consumption decreased, whilst softwood remained stable and plywood and fibreboard consumption grew from 2014", the Review says.
"There were also decreases in UK exports, UK production and the share of UK produced timber consumption vs imported timber."
David Hopkins, TTF Managing Director, commented: “These statistics show the value and importance of the timber supply chain to the UK economy. This is a well-established supply chain, with great growth potential. However, like all other sectors we are dependent on a joined up economic policy approach across the country. The upheaval of Brexit may have caused uncertainty, but is also an opportunity for us to show our worth. If the Government is serious about creating an “industrial strategy” then we must put forward the case for the timber manufacturing sector providing skilled jobs in every constituency across the country. These statistics help us do just that.”
For more information, visit http://www.ttf.co.uk/timber-industry/statistics.aspx.