Stumpage earnings 2023

Stumpage earnings totalled EUR 3.1 billion in 2023. Denominated in euro, the earnings increased by EUR 0.2 billion from the previous year, exceeding the limit of EUR 3 billion for the first time. The earnings increased by 2% from the previous year and by 8% from the average of the previous five years in real terms, when deflated using the cost-of-living index.

• Of total stumpage earnings, non-industrial private forests accounted for EUR 2.61 billion (84%) and forests owned by the forest industry or the state for EUR 0.49 billion (16%).
• The stumpage earnings of non-industrial private forest owners increased by 1% and those obtained from forests owned by the forest industry or the state by 11% from the previous year in real terms.
• The increase in stumpage earnings was driven by higher wood prices, especially for pulpwood and energy wood.  Pulpwood prices in standing sales increased by 18–23% in real terms. The prices paid for energy wood were up to 1.7 times higher in standing sales, while the prices paid for softwood logs in standing sales fell by roughly 1% from the previous year in real terms.
• Felling volumes of logs decreased by 4%, and those of pulpwood by 5% from the previous year, whereas energy wood harvesting volumes increased by 8%.
• While the majority of stumpage earnings comes from logs, the increase in the prices paid for pulpwood and energy wood was reflected in changes in the shares of different assortments from the earnings. Logs accounted for 65% of total stumpage earnings (down by five percentage points from the previous year). The share of pulpwood from the earnings rose to 28% (up by three percentage points) and that of energy wood to 7% (up by two percentage points).
• Spruce still generated the most income, but its share fell to 42% (down by four percentage points) and was only slightly higher than the share of income from pine.
• By region, the earnings were highest in North Savo (EUR 331 million), South Savo (EUR 297 million) and North Karelia (EUR 293 million). Stumpage earnings increased the most in Lapland (+13%), Satakunta (+10%) and Central Ostrobothnia (+10%).

Background information about the statistics

The statistics present gross stumpage earnings by region, owner group and assortment. The earnings are calculated based on the removals of industrial and energy wood, the volumes of wood felled for uses of non-industrial private forest owners, and standing sales prices. The amount of investments used in the calculation of net stumpage earnings in 2023 (gross stumpage earnings minus investments in wood production) is based on an estimate, and the data will be specified in autumn 2024.

Stumpage earnings are recorded in the statistics database at nominal, or fair, prices valid at the time in question. However, annual changes in stumpage earnings are examined in the texts and graphs in real terms by eliminating the change in value using the cost-of-living index (1951:10=100). Based on the cost-of-living index, the inflation rate was roughly six per cent in 2023. In previous publications of the statistics on stumpage earnings, changes in value were calculated using the wholesale index.

In the final statistics, data were specified to be significantly higher than in preliminary statistics. Preliminary data on stumpage earnings in 2023 were published in February. According to the final statistics on commercial fellings, log and pulpwood removals increased by 2.4 and energy wood removals by 1.7 million cubic metres from the preliminary data. These changes are also reflected in the statistics on stumpage earnings. The reason for the revision of the data is that the final statistics on commercial fellings are calculated based on data provided by more than 120 companies, whereas monthly data provided by only 25 companies were available for the preliminary statistics.