The domestic demand for wood and wood products registered strong growth to cross SR11 billion - DECOFAIR
Published 2017-07-03 10:10:09
Saudi Arabia’s Imports of Softwood Lumber Amounted to 1.07 Million M³
A recent study by Wood stat, a statistics firm that keeps tabs on the lumber and forestry industries across the world, reveals that between January and July 2015 KSA recorded a 24% increase in imports of softwood lumber.
The study estimates the Saudi Arabia’s imports 1.07 million m³ from main European exporters and North America. Euromonitor International report predicted wood production revenue to maintain strong 64% growth until 2018, amid rising demand from construction industry and households.
This increase indicates a strong demand in the Saudi construction sector as well as the household and offices furniture. The domestic demand for wood and wood products registered strong growth to cross SR11 billion.
Lumber is usually cut from a tree at any stage from the time to be used in construction or paper. According to Tropical Timber Market Report in September 2014, the real estate market in Saudi Arabia was valued at more than US$ 0.37 trillion last year and is expected to top US$0.4 trillion in five years.
Estimates suggest that the Kingdom will need more than 5 million new housing units across all cities by 2020.