Roundwood coniferous market in Estonia

Earlier Report Observations

The coniferous roundwood market in Estonia began the period with significant volatility, influenced by local and Europe-wide fluctuations in timber supply and demand. The onset of the COVID-19 pandemic in 2020 introduced further instability, affecting wood prices and supply chains, which coincided with a rebound in market volume to 5.8 million cubic meters that year.

Market dynamics shifted notably from 2021, as post-pandemic price increases and global market tensions began to constrain activity, leading to a contraction. This was dramatically reversed in 2022 when Russia's invasion of Ukraine caused timber prices in Estonia to spike to record levels. Supply constraints for firewood led logging activities to shift more towards coniferous forests, supporting a recovery in the production and market volume of coniferous roundwood to 5.6 million cubic meters.

By 2023, the market volume had receded to 4.9 million cubic meters, marking a stabilization from the previous year's peak amid the evolving post-conflict economic environment.

Production coniferous roundwood in Estonia

In kind, 2018-2021, K m³

Top producers of coniferous roundwood, 2018-2021

World map of production of coniferous roundwood, 2018-2021

In Estonia, roundwood coniferous production reached 5 270 K m³ in 2021, marking a significant 15.3% decrease compared to the previous year. Looking at the period from 2018 to 2021, production fell by 21.8%, which translates to an average annual decline of 7.9%. The only increase during this timeframe occurred in 2020, with a modest rise of 2.7%.

Annual dynamics of production in Estonia in kind, 2018-2021, K m³

In value, 2018-2021, M $ US

Roundwood coniferous production in Estonia continued its downward trend for the third year in a row. In 2021, the output was valued at 335.9 M $ US, showing a gradual reduction of 5.0% from 2020. Over the 2018-2021 period, production dropped by 40.1%, with a compound annual growth rate (CAGR) of -15.7%.

Annual dynamics of production in Estonia in value, 2018-2021, M $ US

Exports coniferous roundwood from Estonia

Exports in kind, K m³

After two years of decline, roundwood coniferous exports from Estonia rebounded in 2021. The country exported 752 K m³, representing a 3.7% increase over the previous year. However, from 2018 to 2021, exports overall decreased by 47.3%, with a CAGR of -19.3%. The lowest export volume was recorded in 2020 at 725 K m³, which also saw the largest annual decline of 37.4%.

Annual dynamics of product's exports from Estonia in kind, 2018-2021, K m³

Between 2018 and 2021, Finland, Sweden, and Germany were the three principal markets for Estonia's roundwood coniferous exports in kind, collectively accounting for 89.5% of the total.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Estonia in kind, 2018-2021

Exports in value, M $ US

Following a two-year drop, Estonia's roundwood coniferous export value increased in 2021. Exports totaled 47.9 M $ US, a robust rise of 16.3% from 2020. Despite this, over the 2018-2021 period, export value fell by 59.7%, with a CAGR of -26.1%. The minimum value was in 2020 at 41.2 M $ US, which experienced the steepest decline of 51.1%.

Annual dynamics of product's exports from Estonia in value, 2018-2021, M $ US

From 2018 to 2021, Finland, Sweden, and China were the main buyers of roundwood coniferous from Estonia in value terms. Finland accounted for 39.5% of exports, Sweden for 36.1%, and China for 8.2%, together making up 83.7% of total export value.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Estonia in value, 2018-2021

Imports coniferous roundwood to Estonia

Imports in kind, K m³

Imported roundwood coniferous volumes in Estonia increased for the third consecutive year in 2021. The country imported a total of value_last_year} K m³, a steep rise of 124.8% compared to the previous year. Between 2018 and 2021, imports surged by 257.6%, equating to an annualized growth rate of 52.9%.

Annual dynamics of product's imports to Estonia in kind, 2018-2021, K m³

During 2018-2021, Latvia, Germany, and Finland remained the main suppliers of roundwood coniferous to Estonia in kind. Latvia contributed 48.1% of imports, Germany 16.1%, and Finland 12.0%, jointly forming 76.2% of total import volume.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Estonia in kind, 2018-2021

Imports in value, M $ US

Estonia's roundwood coniferous import value increased for the third year in a row in 2021. Imports amounted to value_last_year} M $ US, up by 123.6% from the prior year. From 2018 to 2021, import value grew by 185.2%, with an annualized rate of 41.8%.

Annual dynamics of product's imports to Estonia in value, 2018-2021, M $ US

Throughout 2018-2021, Latvia, Finland, and Germany were the key partners for Estonia's roundwood coniferous imports in value terms. Latvia represented 50.4% of imports, Finland 19.7%, and Germany 7.0%, together accounting for 77.1% of total import value.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Estonia in value, 2018-2021