In December 2024, the GTI-Producers registered 48.4% and had stayed below the critical value (50%) for eight consecutive months, indicating a continued downturn for the overall prosperity of the timber harvesting and primary processing industries in the pilot producing countries. The timber sector in Brazil showed a clear improvement compared to the previous month, and Thailand's timber supply and demand continued to grow. However, timber sectors in other countries still faced several challenges, with their indexes remaining in the contraction territory. Currently, the global timber market continues to perform weakly, and for timber-producing countries, there is still significant room for growth in both supply and demand.

In Asia, the GTI indexes for Thailand and Malaysia registered 53.3% and 20.3%, respectively. Thailand's index had remained above the critical value for two consecutive months, indicating a continued upward trend in the sector, while Malaysia's index was still at a low level. Specifically, Malaysia's harvesting and production volumes dropped significantly, while Thailand's timber harvesting decreased but production volume had risen for two consecutive months. On the demand side, new orders for Malaysia continued to decline in domestic and international markets, particularly with a notable drop in export orders. However, the number of orders for Thailand had increased for two consecutive months, especially with a large growth in domestic demand.

In Africa, the GTI indexes for the Republic of the Congo (ROC), Ghana, and Gabon were at 41.6%, 36.4%, and 34.7%, respectively, all in the contraction territory below the critical value. The overall performance of Ghana's timber sector shifted from expansion to contraction, mainly due to a significant drop in production volume and domestic orders. Gabon's timber sector continued the contraction trend observed in the previous month, with harvesting, production, and orders all declining this month, and news from the GTI focal point indicated a notable decrease in companies’ capacity utilization rate. In ROC, the timber sector showed a slight contraction on both the supply and demand sides, and production and operational performance in recent months mainly featured a slight decline.

In Latin America, the GTI indexes for Brazil and Mexico registered 51.1% and 39.9%, respectively. The Brazil's index had risen above the critical value. In the country, the volume of harvesting continued to decrease due to persistent rainfall, the production volume kept declining against the backdrop of high levels of inventory, however, the timber market showed strong performance this month, with both domestic and international orders increasing. In Mexico, timber harvesting and production volume continued to decline. The export market was relatively stable, but the domestic timber market contracted, so companies in the country hoped that the government would increase import restrictions and encourage consumers to prioritize local products.

GTI-Producers Report - December 2024.pdf