Timber Products Import – An Outlook of Indian Market
A recent launched Import Export house based out of Singapore – Gaulaxmi international has a useful blog article published on their website about the trade in Timber and Agro products such as raw cashew nuts for which india is one of the largest importer countries. If we talk about one of the fastest-growing industries in India then Wood import is surely to come up. One of the biggest reasons behind this is the continuous growth of the country as well as its commercial sectors.
Being home to over 1.3 billion people, India is unable to complete its wood demand. According to research done by the World Bank, the predictions say that the custom furniture industry is going to grow by 20% each year for the next few decades. By the end of the fiscal year 2020, the complete wood import industry was worth over 400 billion Indian rupees.
Indian timber import Industry insight
There are enormous industries in India that depend upon the import of Timber woods across the globe. Pulp, paper, furniture, plywood, handicraft, veneer, and many more small and big industries depend upon the semi-processed and processed Timber wood import from all over the world. A recent blogpost about timber products at Gaulaxmi International website has revealed some statistics as indicated below..
Though, Timber wood import is not the only industry that is growing these days, according to a report by Statista. at the end of the year 2019, the complete Timber wood export industry was valued over 70 billion India rupees. Because of the growing demands, the wholesale price of Timber wood has increased over the years. Because of the increase in demand as well as the wholesale price index, the nation has confirmed a few strict rules to prevent nature reserves. The growing culture of “slash and burn” has caused much pressure from environmentalists across the nation.
What’s to expect from the Indian wood import market..
According to market researchers, over the next few decades, India is going to become one of the largest timber wood importers across the globe. By that time, India would only be behind China, meaning the second biggest importer in the world. According to this news article by The Times Of India, since the import of wood was stopped during the Covid-19 crisis, the country saw a huge rise in furniture as well as other wood product’s prices. Another forecast says that by the year 2021, India’s softwood log imports will triple in demand. This also means the teak log imports demand will also become double.
Issues faced by the Wooden import industry
While India is on the path to becoming one of the biggest Timber wood importers across the globe, the high rate of goods and service tax (IGST) as well as degrading the value of the rupee in the International market has eroded importers margin. In addition to this, the 18% GST on the selling put on by the Indian government has not done many benefits to the Indian importers. Despite all of these issues, investment in the Timber wood industry is still nothing but a sure win for businessmen out there. And, not to mention the government’s plan on decreasing GST on imports is very favourable to the Indian importers.
Searching for an Importer & Distributer of Timber Woods in India?
Gaulaxmi international is one of the largest importers and exporters Timber Trade in Singapore and India. They Import Timber woods from many of the African countries including Ghana, Ivory Coast, Togo, Malaysia, as well as, many of the Central and South American countries. However, Tanzania being the biggest exporting country of woods is our core centre. They are offering enormous flexibility to comprehensive products and services most reliably and cost-effectively. The whole supply chain is carefully analyzed by both men and machines to leave no room for any kind of error.