PRODUCT CLASSIFICATION
Fuel Wood is a kind of biomass that is widely used in both rural and urban areas as a source of energy, typically in households or small businesses for heating or cooking, but even industrial facilities in colder climates, and is available in raw or processed forms such as briquettes, logs, branches, wood chips, sawdust and pellets.
This type of wood is known for its accessibility, low environmental impact and because it’s a renewable and clean energy source, which is so important in today’s everyday life as researches are still trying to look for valid alternatives to fossil fuels.
Fuel Wood is a part of Wood, wood articles, & charcoal, a category of the Wood Products section that includes a wide range of related by-products like Wood in chips, non-coniferous, Sawdust, wood waste or scrap, Wood in chips, coniferous, and Fuel wood.
It also has a Product Complexity Index of -0.47, ranking 715 out of 1044 products in 2023.
This post will not consider the Fuel Wood trade in general, but it will be focused on the Latvian market, the fifth largest exporter of this product in the world.
EXPORT
In 2023 Latvia exported an amount of $621M of Fuel Wood, becoming the fifth largest exporter of this category out of 153 countries in the world, with an estimated percentage of 4.34 of share in global exports; during the same year, Fuel Wood was the 4th most exported product in Latvia out of 1196.
The main destinations of the country’s exports were
- United Kingdom - $225M;
- Denmark - $115M;
- Sweden - $92.9M;
- Finland - $60.8M;
- Lithuania - $39.7M.
IMPORT
In 2023 it was estimated that Latvia imported around $73.8M worth of Fuel Wood, becoming the 24th largest importer of the product in the world out of 201 countries, with a 0.52% of share in global imports; during the same year, Fuel Wood was the 76th most imported product in the country out of 1206.
It was imported primarily from
- Lithuania - $44.7M;
- Estonia - $7.01M;
- Norway - $6.05M;
- Denmark - $5.35M;
- United Kingdom - $2.89M.
GROWTH POTENTIAL
According to the source, between 2022 and 2023 the fastest growing markets for the category’s import and exports in Latvia were the following
MARKETS FOR FUEL WOOD EXPORTS
- Sweden - $28.2M;
- Finland - $27.6M;
- United States - $2.99M.
MARKETS FOR FUEL WOOD IMPORTS
- United Kingdom - $2.54M;
- Ukraine - $1.57M;
- Denmark - $1.39M.
CONCLUSIONS
In 2023 Latvia emerged as a leader in the Fuel Wood global trade, due to its vast forest resources, a long tradition of crafting this kind of biomass and the strong connection between its natural landscapes and energy production.
The country’s role in the exportation scenario reflects not only its capacity to supply high-quality Fuel Wood, but also its commitment to renewable energy and sustainable forest management.
Source: https://oec.world/en
