“Growth is also fostered by exports to the United States, as European producers shipped by 30% more timber in the first quarter than during the same period last year. Although timber prices increased all over the world, the fastest rise in prices and demand has been observed in the United States, where the prices for wood products have even tripled,” commented Kristaps Klauss, Executive Director of the Latvian Forest Industry Federation.
“Spring has been quite busy. The volume of sawn timber and board materials at the “WT Terminal” has practically doubled,” emphasized Andis Bunksis, a member of the Board of the company “WT Terminal” operating in the Freeport of Riga. The “WT Terminal”, focusing on the provision of stevedoring and sawn timber processing services, has been one of the most rapidly developing companies in the Port of Riga for several years. With the growing demand for timber, the “WT Terminal” continues to invest in expanding warehouse capacity and purchasing new handling equipment. “These are relatively expensive materials, so loading technology and accounting are closely related and the processes should be advanced. We invest not only in loading technologies, but also in IT, being aware that IT solutions are essential for efficient cargo accounting and shipping," explains A. Bunksis
It should be noted that the Freeport of Riga Authority is currently cleaning the main shipping channel in the Winter Port, thus the “WT Terminal” will be able to accommodate larger vessels at its berths and handle larger volumes of cargo.
The forest sector provides one-fifth of Latvia's exports, and companies in the sector account for a significant share of input into the Latvian economy. However, according to the Head of the industry organization, good performance is the result of teamwork. “90 - 95% of what is produced in Latvia is not sold in Latvia, but in the international market, therefore transportation by sea and by road is a very important factor,” concluded K. Klauss.
The first quarter of 2021 in the timber segment at the Port of Riga is positive - 2.56 million tons of various timber products were handled, which is 2.9% more than during the corresponding period of the previous year.