US Dollar Exchange Rates of
25th
Mar
2022
China Yuan 6.3642
Report from China
US remains largest market for China¡¯s wooden
furniture
According to China Customs the value of China¡¯s wooden
furniture exports rose 28% to US$25.62 billion in 2021.
The US was the largest accounting for 32% of the total
exports. The value of China¡¯s wooden furniture exports to
the US rose 32% to US$8.15 billion in 2021. Other
markets are very diverse but the top 10 destinations
accounted for 70% of exports.
Chinese furniture manufacturers have seen raw material
cost rising which puts pressure on their profit margins.
Despite this, overall exports still showed a good
performance in 2021.
The value of China¡¯s wooden furniture exports to the main
markets grew at different rates in 2021.
Increase in China¡¯s wooden furniture imports
from
Italy
According to China Customs, the value of China¡¯s wooden
furniture imports rose 9% to US$995 million in 2021. Italy
was the largest supplier and accounted for 44% of the
2021 total. The value of China¡¯s wooden furniture imports
from Italy grew 30% to US$441 million in 2021.
The second largest supplier was Germany. In 2021
Germany provided 15% of the total value of imports.
Vietnam and Poland were significant shippers of wooden
furniture to China in 2021shipping US$93 million and
US$51 million respectively in 2021.
In addition, Lithuania, Thailand, Malaysia, France,
Indonesia, Slovakia, Romania and Laos shipped wooden
furniture valued at over US$10 million in 2021.
China¡¯s wooden furniture imports from the top 12
suppliers made up 89% of the national total.
Thailand the main supplier of sawn
rubberwood in
2021
According to China Customs, sawn rubberwood imports in
2021 rose 6% to 3.86 million cubic metres and of this total
over 95% came from Thailand.
Over 80% of imported sawn rubberwood is processed in
Shunde District of Foshan City in Guangdong Province.
The full utilisation of sawn rubberwood has played an
irreplaceable role in stabilising China¡¯s timber imports for
many years. Rubberwood imports are still remarkable
compared with other kinds of timber although domestic
demand for furniture has weakened in recent years.
China¡¯s plywood exports hit a record high
According to China Customs plywood exports were 12.35
million cubic metres valued at US$5.896 billion in 2021,
up 19% in volume and 40% in value year on year.
The volume of China¡¯s plywood exports hit a record high
in 2021. China's plywood exports have been more than 10
million cubic metres since 2012.
The output of China¡¯s plywood industries has been rising
since 2012 except for a dip at the end of 2019 due to the
covid pandemic. In 2020 output rose 9% to 215 million
cubic metres.
Plywood produced in China is mainly used domestically.
The proportion of China¡¯s plywood output to exports is
around 5%.
Philippines the largest destination for
China¡¯s plywood
exports
The Philippines was the largest market for China¡¯s
plywood exports in 2021 and accounted for 9% of the
national total. China¡¯s plywood export markets are very
diverse and the volume of the top 10 destination countries
made up of just 50% of the national total in 2021. China¡¯s
plywood exports to Vietnam fell 20% to 560,000 cubic
metres in 2021, the only country where there was a
decline.
Rise in China¡¯s plywood imports from Japan
According to China Customs, plywood imports from
Japan were 160,302 cubic metres valued at US$153
million, down 29% in volume year on year. China no
longer imports large quantities of plywood because the
output capacity of plywood in China has been increasing
in recent years.
Russia, Indonesia, Malaysia and Japan were the top 4
suppliers of plywood to China in 2021 accounting for
nearly 80% of the national import. China¡¯s plywood
imports from Russia, Indonesia and Malaysia fell 7%,
11% and 23%in 2021. However, China¡¯s plywood imports
from Japan surged 83% to 14,341 cubic metres in 2021.
Change in China¡¯s 2022 HS code for wood products
Tariff codes for some commodities have been adjusted
according to China Customs. The following HS codes for
wood products have been deleted as of 1 January 2022.
Sawdust wood waste and scrap (4401.4000£©
Teak log£¨ 4403.4910£©
Teak sawnwood£¨ 4407.2910£©
Plywood (4412.9410, 4412.9491, 4412.9492,
4412.9499, 4412.9910, 4412.9991, 4412.9992,
4412.9999£©
Wooden frames for paintings, photos and mirrors
(4414.0010, 4414.0090)
Woodworking for construction, including doors and
windows, frames, thresholds, poles and beams
(4418.1010, 4418.1090, 4418.2000, 4418.6000£©
Wood or bamboo carvings (4420.1011, 4420.1012,
4420.1020, 4420.1090£©
Rattan, willow and Bamboo seats
(9401.4010¡¢9401.4090£©
Wood furniture parts (9403.9000£©
The following HS codes for wood products have been
added as of 1 January 2022.
Wood pellets or sawdust (4401.3200, 4401.4100,
4401.4900£©
Wood charcoal (4402.2000£©
Teak log£¨ 4403.4200£©
Teak sawnwood(4407.2300)
Sawnwood (4407.1300¡¢4407.1400£© £»
Plywood£¨ 4412.1093, 4412.1094, 4412.1095,
4412.4100, 4412.4200, 4412.4911, 4412.4919,
4412.4920, 412.4990, 4412.5100, 4412.5200,
4412.5911, 4412.5919, 412.5920, 4412.5990,
4412.9100, 412.9200, 4412.9920, 4412.9930,
412.9940, 4412.9990£©
Wooden frames for paintings, photos and mirrors
(4414.1000, 4414.9010, 4414.9090£©
Woodworking for construction, including doors and
windows, frames, thresholds, poles and beams
(4418.1100, 4418.1910, 4418.1990, 418.2100,
4418.2900, 4418.3000, 4418.8100, 4418.8200,
4418.8300, ¡¢4418.8900, 418.9200£©
Tropical wood tableware and kitchen utensils
(4419.2000£©
Tropical wood carving or bamboo carvings
(4420.1110, 4420.1120, 4420.1190, 4420.1911,
4420.1912, 4420.1920, 4420.1990£©
Coffins (4421.2000£©
Wooden seats (9401.3100, 9401.3900, 9401.4110,
9401.4190, 9401.4910, 401.4990, 401.9100,
9401.9910, 9401.9990£©
Wood furniture parts (9403.9100, 9403.9900£©
See:
http://gss.mof.gov.cn/gzdt/zhengcefabu/202112/t20211215_3775137.htm
GGSC-CN Index Report (February 2022)
In February with the end of the Spring Festival
all workers have resumed work and production has
increased. China's PMI index registered 52.9% in
February, a slight increase from the January and has been
above 50 for 4 consecutive months indicating that the
macro economy has been stable.
In February timber production and manufacturing
continued its steady upward trend, industrial demand
rebounded, enterprise production was rising and prices for
the main raw materials fell making four consecutive
monthly declines.
The GGSC-CN comprehensive index
for February registered 52.9% ( 37.5% for last
February and 14.1% for February 2020) an increase of
2.7% from the previous month and has been above
50% for two months. See Figure below.
Challenges
Pinus sylvestris logs export was restricted by Russia and
forced a change other species.
Wood resources are scarce and the supply problem is
serious.
Products in short supply
Merbau, teak, base material, cumaru and oak
Commodity for which the price has increased
Teak, cumaru oak£¬panels£¬solid wood, leather, sponge,
paint, paperboard, glue, firewood, base material and
paraffin.
Commodity of which the price has decreased
Taun, fibreboard, cloth, glass, melamine, urea and
formaldehyde.
In February 2022 four GGSC-CN sub-indices increased
and one declined.
The production index registered 53.9%, an increase from
the previous month and above 50% after four months.
The new order index registered 57.7%, an increase from
the previous month, reflecting the ability of enterprises to
obtain orders is better than last month. Among them the
new export order index, reflecting international trade,
registered 46.2%, down from the previous month.
The main raw material inventory index registered 42.3%,
indicating that the raw material inventory of the forest
products enterprises surveyed is less than that of last
month.
The employment index registered 46.2% and the supplier
delivery time index was 57.7% indicating that the supply
time of raw material suppliers was much faster than the
previos month.
See:
http://www.itto-ggsc.org/site/article_detail/id/234
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