This study examines the extent of elephant damage in two State Forests and investigates whether wildlife utilization, particularly of elephant (Loxodonta africana), produces economic returns which offset the negative impact of elephant damage on the timber resource. Eight common timber species were studied; 25% of trees >9.5 cm diameter at breast height (dbh) sampled had been damaged by elephants or other herbivores. P. angolensis, one of the most economically important timber species, was the worst affected; 67% of trees <34 cm dbh had been damaged by elephants. The results indicate that elephant can cause mortality of trees, and 13% of P. angolensis sampled had been killed by elephants. Elephant appear to be limiting recruitment into exploitable size classes. Simple economic calculations estimate that the benefits derived from elephant trophy hunting (US$0.35 ha(-1) y(-1)) outweigh the timber losses caused by elephant (US$0.15 ha(-1) y(-1)). The economic value of hunting in the Forests is shown to be greater than the value of extractable timber.