NEWS

U.S. imports of wooden furniture grew by 7% to $1.84 billion in July, the highest level since October 2022 and 10% higher than July 2023. Imports from Indonesia rebounded, up by 41% in July after having fallen about the same amount in June, and imports from both Vietnam and China increased by about 10%. Imports from Canada fell by 7%. U.S. imports of wooden furniture are up by 6% year-to-date.

The International Longshoremen's Association and U.S. Maritime Alliance have reached a standoff in contract negotiations that could shut down all ports along the East and Gulf Coasts. President Biden indicated that he would not impose an 80-day cooling-off period and force employees to continue to work while negotiations proceed. The Hardwood Federation and Forest Resources Association have asked President Biden to step in to stop a strike.

U.S. imports of hardwood plywood continue to grow in 2024. The value of imports rose by 26.6% and volume grew by 15.2% from January–July. Indonesia was the largest source of imports, contributing nearly $183 million. The volume of imports from Vietnam, the second largest source, soared by 123%.

PHOTO © JERRY GLASER

In response to widespread criticism, European Commission President Ursula von der Leyen announced her intentions to adjust the already approved EUDR, stating that the implementation timeline would be re-examined. She reportedly said the regulation cannot proceed as planned, without specifying further. 

70 members of Congress signed a letter to President Biden to urge the administration to speak with their EU counterparts about the EU Deforestation Regulation to head off the disruption in trade that will happen if the EUDR is implemented on December 30. The letter is specific to forestry and forest products and requests a two-year delay in implementation.