India: COVID-19 Impact on Indian Forest Products Sector
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The Indian forest products industry has been hit hard by COVID-19 and the resulting nationwide lockdown as demand from the construction, real estate, hospitality, and tourism sectors is at a virtual standstill. The slowdown in new housing construction has especially reduced overall demand for domestic and imported wood products. India’s imports of forest products during January-July 2020 declined by 39 percent to $804 million, compared to the same period last year. Similarly, U.S. exports of forest products to India declined by 40 percent to $21.5 million during the same period.