New Zealand's misguided love affair with bulk commodities continues to produce boom/bust cycles which we somehow have to manage - the current case in point being forestry.

There's a strong chance that industry is about to experience an extended depression, right when everyone from government to speculators is rushing to plant trees to get in on what has been a boom time for logs.

And, just as it was for dairy, the downfall is prompted by too much reliance on one large customer who calls the shots – China.

Over 5 million tonnes of logs are piled up on Chinese