-
Eribel
![2024 WEB04 CONJ HOUT ERIBEL Wielerdroom 9]()
Wood industry
The Belgian woodworking industry in 2023
Increased competitive handicap and falling construction activity drag down turnover
Turnover of the woodworking industry fell by 12.1% in value and 11.5% in volume in 2023, at virtually unchanged prices (-0.6%). In 2022, wood turnover was still up 13.3%. In each quarter of 2023, sales were lower than in the same period a year earlier. The biggest decline was in the second and third quarters of 2023 with -18.3% and -15.7% respectively.
All product groups experienced a decline in sales in both value and volume. In construction elements, the decline in turnover was limited to 3% in value and 4.1% in volume. Other woodworking experienced a 5.4% drop in turnover. This is the result of a decrease in production volume (-16.9%) and a price increase of 11.5%. Turnover of the largest product group, panel products, fell 6.8% in value and 7.1% in volume at virtually unchanged prices (+0.3%). Packaging (mainly pallets) saw a sharp decline in sales by 36.4% in value and 23.9% in volume.
Evolution of turnover by product group
| Evolution in million euro - 2022 | Evolution in million euro - 2023* | Evolution in million euro - 23/22* | Evolution in volume - 23/22* | |
|---|---|---|---|---|
| Panel products | 2,167.9 | 2,020.5 | -6.8% | -7.1% |
| Construction elements | 1,098.3 | 1,065.5 | -3.0% | -4.1% |
| Packaging (incl. pallets) | 967.8 | 615.4 | -36.4% | -23.9% |
| Other woodworking | 277.6 | 262.6 | -5.4% | -16.9% |
| WOODWORKING INDUSTRY ** | 4,511.6 | 3,964.0 | -12.1% | -11.5% |
* Provisional data / ** Timber industry nace 16.2 / Source: FPS Economy, VAT returns
Exports and imports declined sharply
Belgian wood exports fell 18% in 2023. 83% of these wood exports were destined for the EU market, where sales were down 19.1%. Deliveries to the French market, the main export market with a 30.3% share, fell 21.7%. Wood exports also decreased to the Netherlands, the second most important market with a 19.8% share, and Germany, the third market with a 15.7% share, by 17.4% and 19.7% respectively.
Outside the EU, the UK is the leading customer with a 5.3% share (-12.4% vs 2022) followed by the US with a 3.4% share (+8.4%).
Total wood imports saw a 23.9% dip. China, the largest supplier of wood products to our country with a 27.9% share, declined 32.5%.
Investments fell while employment declined slightly
The Production capacity utlisation rate in the woodworking industry fell to 74.7% on average in 2023; which is the lowest level in nine years (most recent peak 88.8% in 2021). In 2023, wood producers invested €168.8 million. This is a 25.4% decline after a 26.1% increase in 2022.
Employment declined marginally by 14 workers (-0.2%) to 7,946.
Cautiously positive outlook for 2024
The business cycle curve of the woodworking industry, which reflects business confidence and is about three months ahead of actual economic activity, fell in January-February 2024. The gross curve rose in March. It remains to be seen whether this is the harbinger of a fledgling recovery.
