In November 2015, the export price of New Zealand radiata pine logs soared to the highest level in seven months, mainly due to the increase in demand from New Zealand’s largest customer, China.
According to data from exporters surveyed by the AgriHQ monthly survey, forest owners and sawmills showed New Zealand radiata pine A-grade logs increased from NZ$83 in October to NZ$92 per tonne, the highest level since April. The AgriHQ log price index rose from 88.41 to 92.51 last month.
As Wood Weekly reported, New Zealand radiata pine increased significantly in price this month as China’s demand increased. At the end of October, it exported about 70,000 cubic meters per day, and in November about 50,000 to 60,000 cubic meters per day. After the recovery in demand, log exporters reduced exports to China and caused the inventory level of China's timber ports to drop from about 3 million cubic meters last month to 230-2.6 million cubic meters, compared with 4.7 million cubic meters in August. China's inventory is now expected to be less than 2 million cubic meters.
Logs, sawnwood, and timber products are the third largest commodities exports in New Zealand, second only to dairy products and meat.
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