US Dollar Exchange Rates of 23th April 2013
China Yuan 6.1794
Report from China
First Quarter GDP unexpectedly drops
China‟s National Bureau of Statistics has published
preliminary results for GDP for the first quarter of 2013.
Sheng Laiyun, spokesperson of the Bureau, introduced the
growth data during a press conference in Beijing, on April
15.
The latest data show that China's gross domestic
product
growth unexpectedly slowed to 7.7 percent in the first
quarter of 2013, down from 7.9 percent during the final
quarter of 2012.
The rate was weaker than analysts‟ expectations, but
stayed above the 7.5% target for 2013 set by the
government.
Most analysts were forecasting growth in the first quarter
would be strong because consumer spending had surged
over the past months as the central bank added liquidity
into the domestic financial market. Industrial production
was unexpectedly weak and this pulled down the overall
growth rate.
Good news on job creation
The good news in the latest data is that there were positive
signs of improvement in creation of jobs in the urban
areas, a key measure of economic health.
Increases in urban new jobs and the number of new
migrant workers in the first quarter was encouraging and
an indication of the health of the economy.
Business sentiment edges higher
A further press release from China‟s National Bureau of
Statistics provides an update of the National Business
Climate Survey.
See:
http://www.stats.gov.cn/english/pressrelease/t20130416_4
02888929.htm
The survey revealed that the business climate index (BCI)
was 125.6 in the first quarter of 2013, up by 1.2 points
quarter-on-quarter. Also in the first quarter the
entrepreneur expectation index (ECI) was 122.4, up by 2.0
points quarter-on-quarter, and 3.2 points lower than BCI.
Although the BCI increased slightly over that in the fourth
quarter of last year, it was down 1.7 compared to the same
period last year.
The ECI remains significantly lower than the BCI
indicating that the business community was still cautious
about further prospects but as it is slowly increasing
confidence appears to be returning.
In related news, March retail sales of consumer goods
reached 1,764.1 billion yuan, up by 12.6 percent year-onyear.
China expands efforts to eliminate trade in illegal
timber
In March this year two workshops, one in in Beijing the
other in Guangzhou, were held to explore ways to
eliminate illegal timber from the Chinese trade.
China has adopted several measures to crack down on
domestic illegal harvesting and international trade in
illegal timber.
Measures adopted include enacting various laws and
regulations and improving import monitoring, setting up
administrative agencies to strengthen enforcement and
initiating special action to control illegal timber logging
and trade.
At the same time, the Chinese government is improving its
regulatory and certification systems for timber and
adopting a timber legality verification system.
The country is also working with international
organizations on joint action to eliminate illegal logging
and trade in illegal timber.
Using its current policies and measures as a basis, China is
seeking to establish a rigorous and permanent mechanism
for control of illegal logging and associated trade in illegal
wood products.
¡®Redwood¡¯ import price index to be developed
A price index for the Chinese „redwood‟ sector, to be
called the Chinese Composite Redwood Import Price
Index, is to be launched soon.
In the context of the new index „redwood‟ is a general
description of high value timbers such as rosewood,
padauk and red sanders and others.
It has been reported that the index underwent a trial in late
2012 and the results were assessed by the Redwood
Distribution Special Committee (the Redwood Committee)
of China Timber and Wood Product Distribution
Association (CTWPDA).
This trial index was based on data provided by the
Shenzhen Sunshine Redwood Plaza and Shanghai Furen
Redwood Market.
One of the uses of the index will be to identify the main
factors affecting movement of the index. Data from China
Customs on log and sawnwood import prices will be
analysed to create a 2006 baseline for the index.
The index is being promoted as a tool to guide production,
business and management in the „redwood‟ sector.
Currently, China‟s redwood raw material is imported.
Therefore, prices of imported „redwood‟ logs and
sawnwood determine the price of‟ redwood‟ products in
the market.
It is expected that with the launch of the „redwood‟ price
index, speculative trading can be avoided so that
„redwood‟ traders and enterprises have a means to
accurately assess supply and demand conditions.
Zhangjiagang Port handled increased timber 2012
According to the statistics from Zhangjiagang Entry-Exit
Inspection and Quarantine Bureau, timber imports through
the port in 2012 increased by 5% to 2.95 million cubic
metres and accounted for around 20% of all timber
imports into Jiangsu Province and 7% of China‟s total
timber imports.
It has been reported that China‟s total timber imports in
2012 were 58.47 million cubic metres, a year on year
decline of 8%. However, Zhang Jia Gang‟s timber imports
increased, bucking the downward trend.
2012 imports of timber from Oceania were stable. Timber
imports from Papua New Guinea totalled 1.36 million
cubic metres, a year on year increase of only 1%. On the
other hand, timber imports from the Solomon Islands were
0.51 million cubic metres, a year on year decline of 8%,
extending the downward trend seen in recent years.
There was a large increase in timber imported from Africa.
Timber imports from Africa through Zhangjiagang Ports
increased 33% to 0.8 million cubic metres, but this was far
below that in 2007 when 1.78 million cubic metres were
imported.
Analysts report that domestic demand is softening and
manufacturers have cut back on production. Imported log
prices continue to fall and there are reports of growing log
stocks and analysts talk of a loss of confidence in the
timber importing sector.
Fujian Province furniture exports grew 15% in 2012
According to news from Fujian Customs, furniture and
furniture parts exports from Fujian Province in 2012 rose
15% compared with that in 2011.
While the USA, EU and ASEAN remain the most
important destinations for furniture from the province,
furniture exports to South American and African countries
increased dramatically in 2012.
In 2012, the value of Fujian‟s furniture exports to the US
was US$1.1 billion, about the same as one year earlier
while exports to the EU were US$0.9 billion, down 1.6%.
Exports to Latin American countries totalled US$0.33
billion, up 38% and exports to African countries grew a
massive 110% and were worth US$0.19 billion.
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