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Russian lumber production climbs in 2011
Posted by Labels: 2011 News, Russia, Timber and Wood
Russia has almost 20% of global forest growing stock and is producing some 10% of the world’s sawn wood products. Due to the uncertainties related to forest law, institutional reform and export-duty policies, foreign investments in sawmilling capacities have been further postponed. Consequently, the core of the Russian sawmill industry is still characterized by local single-mill companies using mainly old assets. However, there are at least a dozen modern sawmills that have been built in the last six to eight years by both foreign and Russian investors.
Russian lumber production is estimated at 28.6 million m3 for 2011, an increase of 2.25 million m3 (+8.5%) from 2010. The bulk of this increase in output is tied to rising Russian exports to China — on pace to exceed six million m3 in 2011 (up 1.8 million m3 from 2010). Russia is projected to export more than 16.5 million m3 to all markets in 2012, up from about 16 million m3 in 2011.
The recent announcement that Russia will join the WTO leads the way for more change in Russia. While there is some scepticism that Russia will initiate its acceptance promptly, reportedly the move will eventually lead to lower log export taxes, with quotas in place for parts of the year. A lower log export tax is not good for Russia’s domestic sawmills, as they will have to compete for logs that could be destined to export markets at higher prices (or bearing lower export taxes). Before the WTO announcement, Russia’s sawn softwood production was forecast at 30.6 million m3 for 2012, a level that may now be threatened.
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