US Dollar Exchange Rates of
10th
Sep
2024
China Yuan 7.12
Report from China
Surge in plywood exports to Taiwan P.o.C
According to China Customs, plywood exports to Taiwan
P.o.C surged over 200% to 578,000 cubic metres in the
first half of 2024, overtaking exports to the Philippines. In
the first half of 2024 China’s plywood exports totalled
6.35 million cubic metres valued at US$2.46 billion, up
24% and 4% respectively.
The destinations for China’s plywood exports are
numerous and the proportion of China’s plywood exports
to the top 12 destinations accounted for 57% of the
national total in the first half of 2024.
China’s plywood exports to most markets have been rising
at different rates and to each of the top 12 destinations
volumes exceeded 200,000 cubic metres in the first half of
2024.
The Philippines, UK and Saudi Arabia were ranked after
Taiwan P.o.C in the first half of 2024. China’s plywood
exports to the Philippines and UK and Saudi Arabia grew
10%, 11% and 36% respectively which contributed to the
increase in the total volume of China’s plywood exports in
the first half of 2024.
In addition, China’s plywood exports to Vietnam, Iraq and
Malaysia also rose sharply by 94%, 96% and 70%
respectively in the first half of 2024. In contrast, China’s
plywood exports to Japan and Nigeria fell 3% and 28%
respectively in the first half of 2024.
China’s plywood exports to the USA rose in the first half
of 2024 and totalled 150,000 cubic metres valued at
US$88 million, up 5% in volume but down 15% in price.
The CIF price for China’s plywood exports to the USA
dropped 19% over the same period of 2023.
Decline in plywood FOB prices in all main markets
In almost all markets FOB prices for China’s plywood
exports declined in the first half of 2024. The average
FOB price for China’s plywood exports fell 16% over the
same period of 2023.
The rate of price decline for plywood exports to Taiwan
P.o.C was the largest at over 70% compared to the same
period in 2023 and it was one of the main reasons for the
surging of plywood exports to Taiwan P.o.C in the first
half of 2024.
In addition, the rate of FOB prices declines for China’s
plywood exports to Vietnam, Malaysia and Mexico were
large dropping 19%, 33% and 12% respectively over the
same period of 2023.
In contrast, the FOB price for China’s plywood exports to
Iraq alone rose 1% in the first half of 2024.
Russia largest supplier of plywood imports
According to China Customs, in the first half of 2024
China’s plywood imports rose almost 80% to 196,000
cubic metres valued at US$108 million, up 28% over the
same period of 2023.
In the first half of this year Russia was the largest supplier
of plywood imports and the volume of China’s plywood
imports from Russia surged over 100% to 173,000 cubic
metres, accounting for 88% of the national total plywood
imports.
China’s plywood imports from Indonesia and Malaysia, as
second and third largest suppliers, fell 7% and 31% in the
first half of 2024. Indonesia and Malaysia were the top
two suppliers for China’s plywood imports in the past. But
Russia is the largest supplier now.
China’s plywood imports from Vietnam surged in the first
half of 2024. Plywood imported from Vietnam to China
mainly included pine, eucalyptus and rubberwood
plywood. China also imports birch, walnut and maple
plywood from Vietnam. This imported plywood from
Vietnam is considered locally as being of good quality,
high strength and having long service life for a wide range
of applications such as architectural decoration, furniture
manufacturing and packaging industries.
Rise in wooden furniture exports
According to China Customs the value of China’s wooden
furniture exports rose 10% to US$12.37 billion in the first
half of 2024.
The markets for China’s wooden furniture exports are
scattered and China’s wooden furniture is exported to over
200 countries. The proportion of China’s wooden furniture
exports to the top 10 destination countries was 66% in the
first half of 2024.
The USA still is the largest market for China’s wooden
furniture exports. Some 28% of China’s wooden furniture
was exported to USA in the first half of 2024 and the
value of China’s wooden furniture exports to USA rose
6% to US$3.47 billion over the same period of 2023.
The value of China’s wooden furniture exports to
Singapore surged and to Australia, UK, Canada, Germany
and France also rose at faster rates in the first half of 2024.
In contrast, in the first half of 2024, China’s wooden
furniture exports to Japan and Saudi Arabia fell 5% and
1% over the same period of 2023.
Decline in wooden furniture imports
According to China Customs, in the first half of 2024 the
value of China’s wooden furniture imports fell 18% to
US$320 million over the same period of 2023.
Wooden furniture imports from the top 4 suppliers, Italy,
Germany, Vietnam and Poland dropped 13%, 28%, 12%
and 25% to US$155 million, US$45 million, US$30
million and US$14 million respectively in the first half of
2024. This directly resulted in the decline in the national
total value.
USA - largest market for bamboo furniture
According to China Customs, the value of China’s
bamboo furniture exports rose 19% to US$113 million in
the first half of 2024.
There are multiple markets for China’s bamboo furniture
exports and bamboo furniture is being shipped to over
140 countries. The proportion of China’s bamboo furniture
exports to the top 11 destination countries was 75% in the
first half of 2024. The USA is the largest market for
China’s bamboo furniture exports. 30% of China’s
bamboo furniture was exported to USA in the first half of
2024 and the value of China’s bamboo furniture exports to
USA rose 28% to US$34 million over the same period.
Germany was the second largest market for China’s
bamboo furniture with around 10% of China’s bamboo
furniture going to this market in the first half of 2024. The
value of China’s bamboo furniture exports to Germany
rose 13% to US$11 million in the first half of this year
over the same period of 2023.
The value of China’s bamboo furniture exports to
Netherland, Poland and Italy also rose in the first half of
2024. In contrast, in the first half of 2024, China’s bamboo
furniture exports to France, Australia and Spain fell 8%,
17% and 9% over the same period of 2023.
Rise in bamboo furniture imports
According to China Customs, in the first half of 2024 the
value of China’s bamboo furniture imports rose 35% to
US$1.268 million over the same period of 2023.
China’s bamboo furniture imports from the top 3 supplier,
Indonesia, Vietnam and Italy, grew dramatically 33%,
204% and 93% to US$566,000, US$280,000 and
US$120,000 respectively in the first half of 2024. This
directly resulted in the increase of China’s bamboo
furniture imports.
Action Framework for legal and sustainable timber
supply chains
The Global Legal and Sustainable Timber Forum
(GLSTF) has launched the Action Framework for
Promoting Legal and Sustainable Timber Supply Chains to
strengthen international collaboration among stakeholders
in timber supply chains, promote the sustainable
development of the timber industry and contribute to the
Sustainable Development Goals and combating climate
change. The GLSTF is a collaborative platform of timber
industry stakeholders designed to strengthen networking
and business exchanges among timber industry
stakeholders to facilitate sustainable forest management
and the legal and sustainable use and trade of timber and
wood products.
The Action Framework sets out eight action areas—(1)
partnership networking; (2) information-sharing; (3)
market access facilitation; (4) certification and traceability
innovation; (5) innovative technologies and technology
transfer; (6) ways and means for sustainable finance and
investment; (7) industrial clusters and parks development;
and (8) capacity building and training.
One major challenge identified during discussions was the
lack of consumer awareness of the positive role that the
tropical timber industry is playing in helping to maintain
tropical forests and the contribution it makes to rural
livelihoods.
It was pointed out that there is little awareness outside the
forestry sector of the strong level of commitment to
development of national legal and sustainable forestry
systems and to the evolution of highly transparent supply
chains.”
Through the eyes of industry
The latest GTI report lists the challenges identified by the
private sector in China.
See: https://www.itto-
ggsc.org/static/upload/file/20240822/1724289606498649.pdf
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