In 2023, the import value of Baboen, Mahogany, Imbuia, and Balsa wood to India was USD 8.9000 million. The forecast for 2024 suggests a growth to USD 9.4329 million, continuing an upward trend. Year-on-year, there’s a projected increase of 5.75% in 2024, and subsequently 5.80% in 2025. The CAGR over five years (2024-2028) is projected at 5.6%, indicating steady growth. This trend reflects growing demand or application of these types of wood in India, potentially driven by industry sectors such as furniture and construction.
Future trends to watch:
- Environmental regulations affecting import levels.
- Technological advancements in alternative materials reducing wood imports.
- Fluctuations in currency impacting import costs.
- Shifts in supply chain dynamics due to geopolitical developments.
