Timber Fair Trade and Forest Conservation Act of 1992

Timber Fair Trade and Forest Conservation Act of 1992 - Amends the Export Administration Act of 1979 to require the Secretary of Commerce, in order to determine whether a critical shortage of unprocessed timber for domestic manufacturing purposes exists in a State, to monitor: (1) exports of, and contracts to export, unprocessed timber; and (2) domestic supplies, by State, of such unprocessed timber.

Requires the Secretary to impose quantitative restrictions on the export of unprocessed timber from any State where a critical shortage exists in it.

Requires the Secretary to submit to the Congress specified quarterly reports.

Requires the Secretary, whenever he or she imposes such export restrictions, to give preference in the allocation of export licenses to persons who own fewer than 1281 acres of forest land.

Directs the Secretary to impose quantitative restrictions on exports of unprocessed timber from Washington, Oregon, and California.