The Global Timber Index (GTI) Report for March 2024 revealed that timber markets in some countries showed signs of recovery in March, after an overall sluggish start for the global timber market in the first two months of 2024. The GTI indexes for China, Thailand, and Brazil all rose above the critical value of 50%, registering 66.8%, 54.8%, and 54.4% respectively. The GTI-Brazil index exceeded the critical value for the first time in 17 months, with a large increase in orders, especially from abroad. In Thailand, harvesting, production, and orders all showed significant growth from the previous month. And in China, the GTI index recorded a notable rise mainly because it grew from low base value in the previous month when there was a long holiday break. Not surprisingly, after timber enterprises’ full resumption of production and trading this month, the index grew significantly.

The timber markets remained relatively sluggish in Republic of the Congo (ROC), Mexico, Indonesia, Gabon, and Malaysia, with recorded figures of 44.1%, 40.3%, 37.1%, 31.9%, and 25.7%, respectively. However, it is uplifting to see some trading and production activities were showing positive signs. For example, there was an increase in the sub-index for orders (including export orders) in both Indonesia and Malaysia compared with the previous month. The export orders sub-index in the Congo also showed growth. And in Mexico, the harvesting sub-index saw a rise when compared with the previous month.

After enduring a considerable period of market downturn, timber enterprises in various countries were calling for more effective measures to reduce costs and increase efficiency. Indonesian enterprises hoped for government intervention to promote the development of domestic wood product markets and provide incentives for enterprises that manage forests sustainably. Malaysian enterprises suggested that the government encourage the construction sector to increase the use of sawn timber. Thai enterprises wanted to raise people’s awareness of wood product value and encourage them to embrace the use of natural wood. Gabon and Mexican enterprises hoped to strengthen communication with potential international clients to promote the sale of wood products. Congolese enterprises wanted the government to step up the formulation of detailed rules for the implementation of the new Forest Code. And Brazilian enterprises wished for an improvement in customs clearance efficiency for exports.

GTI Report - March 2024.pdf