Canadian Lumber Production Saw Dramatic Decline in End-2023

SEATTLE (Scrap Monster): The recent data provided by Statistics Canada indicate that lumber production in the country witnessed significant decline during the month of December last year.

According to data, the December 2023 lumber production recorded steel decline by 22.6% upon comparison with the production during the prior month. However, when compared with the corresponding month a year before, the production surged higher by 5.8%. Meantime, the lumber shipments by Canadian sawmills totalled 3,502.3 thousand cubic meters in December, down by 18% from November 2023, but higher by 3.6% from December 2022.

ALSO READ:

Interfor Announced Indefinite Curtailment of Sawmill Operations

Invasion of Ukraine Contributed to Halved Russian Lumber Export Prices, Says WRI

The notable decline in lumber production is mainly on account of several factors, including seasonal factors, fluctuations in market demand, and temporary production curtailments at sawmills. On the other hand, the surge in year-on-year lumber production suggests the resilience of lumber industry, which is expected to help the industry survive short-term challenges.

The lumber industry must explore adaptive market strategies in order to face rising market volatility. The ability of the Canadian lumber industry to adapt and overcome market challenges will determine the future of the global market.