TTF monthly statistics May released

TTF monthly statistics May released

ARTICLE · By TimberTrends · 7 May 2020

The latest TTF monthly timber statistics show the beginning of the current dip in construction activity from COVID-19, while projections show where we expect the industry may go given available data.

The full impact of Covid-19 on the imports of timber and panels in the UK will not be fully known for a number of weeks, as official data becomes available. However, the most recent TTF Members’ Survey has shed light on the views of many in membership and around two thirds see recovery gathering pace as from September time. Data from this survey has informed an early forecast of the likely impact on import volumes and these are shown on page 11 of this bulletin. There are many unknowns and to echo the Office for Budget Responsibility (OBR), “……… this scenario is only an illustrative reference point given the lack of data and …… assumes that the social distancing restrictions announced on March 23 last for three months and are then gradually lifted during the third quarter ……” Should Government suppression policy continue to prove successful, the easing of restrictions are likely to take place slowly, but timber’s most important market – construction – is likely to achieve higher levels of activity earlier than many other industries. Much will depend on the development of the rate of infection as restrictions are eased. By the end of April/the beginning of May, the rate of infection was falling quickly, if unevenly. Government policy will be influenced by this important indicator and will be closely watched by all businesses during the current recovery phase.