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First log "insurance + futures" project in Guangxi at the same low, but broadly stable, level prevailing between
It has been reported that the first log ‘insurance + futures’ 2013 and 2019.
project has been established in Guangxi Zhuang Autonomous In the first nine months of 2024, the EU27 imported tropical
Region. wood and wood furniture with total value of US$2284 million,

The production of logs in Guangxi Zhuang Autonomous nine percent less than the same period in 2023.
region ranks first in China, accounting for nearly 40 percent
of the national total. OECD forecasts slow growth in Europe
The launch of the futures project is an active attempt to The latest edition of the OECD Economic Outlook published
support the services of "agriculture, rural areas and farmers" on 4 December 2024 forecasts growth of 0.8 percent in the
and provides a new tool for risk management for log producers, eurozone in 2024, up from 0.5 percent in 2023 and then rising
helps them lock log prices, transfers market price risks, to 1.3 percent in 2026 and 1.6 percent in 2028.
boosts confidence, ensures the stability of income and helps Although the forecast recovery is some cause for optimism,
improve the resilience of the industry and promote the overall both the current rate of growth and the speed of recovery

development of the industry in the region. is slower than in all other major economies except the UK
and Japan.
EU The forecast was also prepared before recent political
EU tropical wood import quantity heading for an events in France further dampened growth prospects in the
historic low eurozone’s second largest economy.
Total EU27 imports of tropical wood and wood furniture of OECD note that while consumer confidence has been
358,100 tonnes in the third quarter of 2024 were down four rising again in the EU and the housing market is beginning

percent compared to the previous quarter and 10 percent to show signs of recovery in a few countries such as Spain
less than in the same quarter in 2023. and France, industrial production and real business investment
The latest figures mean that imports in the last four quarters, are still largely stagnant across the region.
averaging around 350,000 tonnes, have been well below the Amongst EU economies, Spain and the Netherlands are
long-term average of closer to 450,000 tonnes. highlighted as having experienced relatively robust growth.
In the first nine months of 2024, the EU27 imported In Germany, OECD note that while quarterly output rose
1,066,400 tonnes of tropical wood and wood furniture, 14 slightly in the three months to September 2024, weak sentiment
percent less than the same period in 2023. continues to weigh on investment activity. Germany's economy
In quantity terms, EU imports of tropical wood and wood

furniture products in 2024 look set to be at the lowest annual Jacek Kadaj
level ever recorded since the EU was first formed (as the
EEC) in 1957.
The trade figures look healthier when considered in value
terms. EU27 import value of tropical wood and wood furniture
in the third quarter of 2024 was US$763 million, five percent
less than the previous quarter and just 0.7% down on the

same quarter in 2023.
In value terms, EU27 tropical wood product imports are