Russian lumber export prices have fallen substantially in the past year

Russia was the world’s largest exporter of softwood lumber in 2020 and 2021. In 2022, shipments fell dramatically, resulting from Russia’s invasion of Ukraine and the boycott of Russian forest products in Europe, North America, and key markets in Asia. Export volumes have plunged from a record high of over 31 million m3 in 2020 to about 23 million m3 in 2022. The decline has continued in 2023, with shipments estimated to reach less than 21 million m3 for the year. The halt of sales to Europe resulted in a 4.6 million m3 drop in export ...