The Price Formation of Raw Wood in the Czech Republic and a Comparison with the Neighbor States

Hlaváčková, Petra; Březina, David; Sujová, Andrea

doi:10.1016/s2212-5671(15)00869-2

Cited by 6 publications

(7 citation statements)

References 5 publications

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“…Much higher prices of those assortments were reported from Austria, at approximately €68-71/m 3 during the crisis depending on the region [69]. In 2003-2013, the average difference in the prices of spruce roundwood between the Czech Republic and Germany amounted to €15.03/m 3 and between the Czech Republic and Austria to €17.62/m 3 [5]. During the economic slowdown, greater price stability was exhibited by medium-diameter assortments (S2A).…”

Section: Discussionmentioning

confidence: 94%

“…The situation in the European timber market was also to some extent associated with the stages of the global economic cycle. The decline in timber prices in European countries in 2008 was caused by the American financial crises [5,56]. Similarly, the downturn in the American housing market which lasted from Q4 2007 to Q2 2009, negatively influenced the forest products market [57] and in particular led to a decline in the prices of large-diameter timber [58].…”

Section: Discussionmentioning

confidence: 99%

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The Application of Time Series Decomposition for the Identification and Analysis of Fluctuations in Timber Supply and Price: A Case Study from Poland

Banaś

Kożuch

2019

Forests

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The objective of the study was to verify the applicability and usefulness of time series decomposition in analyzing the variability of timber prices and supply in Poland. The employed multiplicative model was the product of four components: cyclical, seasonal, and irregular fluctuations and the long-term trend. The elements of the time series were determined by means of the Census X11 method, while cyclicality was separated from the trend employing the Hodrick–Prescott filter. Data included quarterly information about the supply (volume) and prices (value) of the timber sold by the State Forests in the years 2005–2018. Analyses were performed for tree species with the greatest economic significance, that is, pine, oak, spruce, beech, birch, and alder, and for their most popular assortments: general purpose large-diameter timber (W0) and medium-diameter timber (S2A). Time series decomposition of quarterly timber production volume and prices revealed irregular, seasonal, and cyclic fluctuations. Within an annual time horizon, irregular fluctuations accounted on average for 6.7% and 28% of overall variability in timber prices and supply, respectively; they exhibited low amplitudes (+5%, −25%, respectively). Cyclical fluctuations were primarily found for prices and were characterized by substantial variations in cycle length (2–4 years) and change amplitude (3–27 Euros). Cyclical fluctuations in timber prices and supply were usually negatively correlated with each other: the upper turning points of price cycles fell near the lower turning points of supply cycles (with a shift of 1 to 3 quarters). The seasonality of prices was also inversely correlated with supply: quarters with low supply exhibited higher prices and vice versa. Seasonal fluctuations were more pronounced for timber supply (36%) as compared to timber prices (20.3%). Different seasonality patterns were found for hardwood and softwood. The lowest supply of softwood was found in the first quarter and the highest in the third quarter (spruce) or fourth quarter (pine). The supply of hardwood was the highest in the first quarter and the lowest in the third quarter.

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Section: Discussionmentioning

confidence: 94%

Section: Discussionmentioning

confidence: 99%

The Application of Time Series Decomposition for the Identification and Analysis of Fluctuations in Timber Supply and Price: A Case Study from Poland

Banaś

Kożuch

2019

Forests

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“…In Germany, Czechia, and Poland beech roundwood reached the maximum nominal prices in Q1 2008 at 77.54 € m −3 , 75.66 € m −3 , and 57.75 € m −3 , respectively. The 2008-2009 slump in timber prices caused by the American financial crisis destabilized the large-diameter log market [3,[82][83][84][85] with beech roundwood prices entering a period of stagnation in most European countries [78,86]. Shrinking demand led to a downturn in the beech roundwood market in 2009-2013, especially due to lower activity in the construction and manufacturing industries.…”

Section: Discussionmentioning

confidence: 99%

“…The implementation of multifunctional forestry leads to a situation where silviculture is expected to pursue several contradictory objectives. The focus on social and conservation functions altered management practices, limiting forest availability for timber supply [1][2][3]. The most important criterion affecting the decisions of forest managers is invariably revenue from timber sales [4,5], which depends, among other aspects, on the species composition and quality of stands [6].…”

Section: Introductionmentioning

confidence: 99%

“…Volume (left axis) and prices (right axis) of beech roundwood exports in the years 2001-2018.Since 2001, there has been an upward trend in the volume of roundwood imported by European countries, with the imports doubling within the study period (Figure 3). The prices of imported largediameter beech logs peaked in 2007 at 114 USD/m3 , while in the years 2008-2018 they declined to 62 USD/m 3 y = -2.0269x 3 + 67.389x 2 -635.94x + 4572.8 R² = 0.5463 y = 0.066x 3 -1.8753x 2 + 15.499x + 41.119 R² = Volume (left axis) and prices (right axis) of beech roundwood exports in the years 2001-2018.…”

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The Dynamics of Beech Roundwood Prices in Selected Central European Markets

Kożuch

Banaś

2020

Forests

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The European beech (Fagus sylvatica L.) is the most prevalent deciduous tree species in Central Europe. The implementation of sustainable, close-to-nature silvicultural practices increased the percentage share of beech in forest species composition, raising the economic significance of beech roundwood, especially in terms of revenues from timber sales. The elucidation of roundwood price mechanisms as well as long-term equilibrium relations between international markets may be helpful in calculating the profitability of beech roundwood production. The study material consists of quarterly time series of beech roundwood prices from Austria, Czechia, Germany, Poland, Slovakia, and Slovenia in the years 2005–2018. The price time series were described with a multiplicative model incorporating seasonal, cyclical, and irregular, as well as long-term trend components. The time series were decomposed using the Census X11 method. Stationarity was tested by means of the augmented Dickey–Fuller test (ADF) and the Kwiatkowski–Phillips–Schmidt–Shin test (KPSS). Cointegration was assessed using the Johansen and Engle–Granger methods. From 2005–2018, the highest mean beech roundwood prices were found for Austria (77.5 € m−3) and Germany, and the lowest for Poland and Slovakia. Roundwood prices were badly affected by the 2008/2009 financial crisis, which caused an approx. 27% decline. The prices of large-diameter beech logs exhibited seasonal fluctuations, typically reaching a maximum in Q1 and a minimum in Q3. The amplitude of those fluctuations was the highest in Slovenia in 2005 (10.1%), while in Czechia and Germany, seasonal effects increased over the period of study. The lowest seasonality was found in Slovakia and Austria (in the latter country it was not statistically significant). On an annual scale, cyclical changes generally accounted for the largest proportion of price variation, and were particularly pronounced in Poland (78.9%), Slovakia (78.6%), and Austria (69.2%). On the other hand, seasonal effects were predominant in the Slovenian (40.6%), German (34.1%), and Czech (33.3%) markets. In countries with price series of type I(0), simple correlation between stationary beech roundwood prices is positive and the strongest between Czechia–Poland and Czechia–Austria; on the other hand they are the weakest in the German market. In Slovakia and Slovenia with nonstationary price series, both Johansen’s and Engle-Granger’s cointegration tests indicated the absence of a long-term equilibrium between the analyzed beech timber markets. Results revealed integration between the prices of large-diameter beech logs in Czechia, Austria, and Poland. It should be mentioned that in this study, the time series of price used are rather short for long time cointegration analysis, which might prevent the proper detection of cointegration between all analyzed countries.

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The economic impacts of Covid-19 on the forestry sector: A case study in Turkey

Komut

2022

BioRes

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The Covid 19 pandemic has led to considerable destruction of social and economic areas at a global level. This study aims to determine the economic impact of the Covid 19 pandemic on the Turkish forestry sector. In this context, 5 years (from 2017 to 2021) of wood-based product sales of an administrative unit, which carries out regional forestry activities in Turkey, were studied. The data concerning the product groups were subjected to a Laspeyres price index analysis based on the base period weight through the price and estimated price increase rate variables. In addition, correlation analysis was utilized to determine the relationships between the determined variables. The findings showed that the Covid 19 pandemic led to decreases in the Laspeyres price index values for the price and estimated price increase rates when compared with the pre-pandemic period, which was different on a product group’s basis. As a result, it can be said that the Covid 19 pandemic process created a considerable potential for a loss of income in wood-based products, which is one of the primary outputs of the forestry sector, and as of 2021, a recovery process has started.

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The Price Formation of Raw Wood in the Czech Republic and a Comparison with the Neighbor States

Cited by 6 publications

References 5 publications

The Application of Time Series Decomposition for the Identification and Analysis of Fluctuations in Timber Supply and Price: A Case Study from Poland

The Application of Time Series Decomposition for the Identification and Analysis of Fluctuations in Timber Supply and Price: A Case Study from Poland

The Dynamics of Beech Roundwood Prices in Selected Central European Markets

The economic impacts of Covid-19 on the forestry sector: A case study in Turkey

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