One of the hardest woods in the world may help to soften the effects of conflict over oil in East Africa. Source: The National
Equatoria Teak Company (ETC), a forestry group based in South Sudan, plans to start shipping the wood from the East African nation within two months, helping the country diversify away from its dependence on oil.
The company, a unit of the venture capital group Maris Capital, based in London, will export a container load of furniture-grade teak to the United States within two months and may boost shipments to three containers a week by April, said Coco Ferguson, a director of ETC.
These exports may yield millions of dollars a year, said Simon Ndigi, the state minister for trade and investment in South Sudan.
“It is a rare product and demand worldwide is exceptionally high,” he said. “It is of huge economic benefit to Western Equatorial state and to the Republic of South Sudan.”
Teak is one of the most valuable hardwoods and planted teak forests have attracted investment in Africa, Asia and Latin America, according to a report last year by the United Nations Food and Agriculture Organisation (FAO).
Processed timber can retail at prices from US$750 per cubic metre to US$1500 per cubic metre, according to ETC.
Globally, teak constitutes the only planted hardwood resource that is increasing in terms of area, the FAO said.
