Ukraine’s largest forest consumer announces losses due to the border blockade.

State enterprise Forests of Ukraine put up more than one million cubic meters of wood for auction, director Yuriy Bolokhovets said. This record amount of timber was accumulated through unsold output during the fourth quarter of 2023.

“Uncertainty with the borders plus the festive period in the EU countries reduced the demand for wood”, he stated.

Bolokhovets said that due to the border blockades, losses from the various branches of the state-owned enterprise exceeded ₴1B within three months.

Speaking about the Forests of Ukraine plans for 2024, Bolokhovets noted that against the background of unfavorable assessments of the wood market for both processors and sellers of raw materials, the enterprise intends to support the market. There is no plan to reduce procurement. On the contrary, more than one million cubic meters of wood will be added to last year’s trading volumes.