GCC: Coniferous Roundwood Market 2024

Coniferous Roundwood Market Size in GCC

The GCC coniferous roundwood market surged to $X in 2022, jumping by 528% against the previous year. Over the period under review, consumption enjoyed resilient growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Coniferous Roundwood Production in GCC

In value terms, coniferous roundwood production rose notably to $X in 2022 estimated in export price. In general, production continues to indicate significant growth. The pace of growth appeared the most rapid in 2016 when the production volume increased by 54,905%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Coniferous Roundwood Exports

Exports in GCC

In 2022, approx. X cubic meters of roundwood (coniferous) were exported in GCC; rising by 26% on 2021. Over the period under review, exports showed a tangible expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 150%. The volume of export peaked at X cubic meters in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, coniferous roundwood exports soared to $X in 2022. Overall, exports showed strong growth. The pace of growth appeared the most rapid in 2013 when exports increased by 133% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates prevails in exports structure, accounting for X cubic meters, which was near 97% of total exports in 2022. Bahrain (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to coniferous roundwood exports from the United Arab Emirates stood at +6.2%. At the same time, Bahrain (+21.2%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +21.2% from 2012-2022. From 2012 to 2022, the share of the United Arab Emirates and Bahrain increased by +12 and +1.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest coniferous roundwood supplier in GCC, comprising 98% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 1.3% share of total exports.

In the United Arab Emirates, coniferous roundwood exports expanded at an average annual rate of +6.9% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per cubic meter in 2022, surging by 6.6% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by 24% against the previous year. Over the period under review, the export prices reached the maximum at $X per cubic meter in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per cubic meter), while Bahrain amounted to $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+0.6%).

Coniferous Roundwood Imports

Imports in GCC

In 2022, overseas purchases of roundwood (coniferous) increased by 34% to X cubic meters, rising for the fourth consecutive year after six years of decline. In general, imports, however, continue to indicate a pronounced slump. Over the period under review, imports hit record highs at X cubic meters in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, coniferous roundwood imports skyrocketed to $X in 2022. Over the period under review, imports recorded a moderate increase. The most prominent rate of growth was recorded in 2021 when imports increased by 47%. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates dominates imports structure, amounting to X cubic meters, which was near 92% of total imports in 2022. It was distantly followed by Oman (X cubic meters), mixing up a 5.2% share of total imports. Kuwait (X cubic meters) followed a long way behind the leaders.

Imports into the United Arab Emirates decreased at an average annual rate of -4.3% from 2012 to 2022. At the same time, Oman (+12.3%) and Kuwait (+2.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +12.3% from 2012-2022. Oman (+4.1 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -4.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported roundwood (coniferous) in GCC, comprising 86% of total imports. The second position in the ranking was held by Oman ($X), with a 9.4% share of total imports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled +3.2%. In the other countries, the average annual rates were as follows: Oman (+5.9% per year) and Kuwait (+1.0% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per cubic meter, surging by 8% against the previous year. Import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coniferous roundwood import price increased by +46.5% against 2020 indices. The pace of growth appeared the most rapid in 2017 an increase of 70%. Over the period under review, import prices attained the maximum in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per cubic meter), while Kuwait ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform