US Dollar Exchange Rates of
10th
Jun
2024
China Yuan 7.25
Report from China
Surge in plywood exports to Taiwan P.o.C
In the first quarter of 2024 China’s plywood exports to
Taiwan P.o.C soared over 500% to 481,000 cubic metres
valued at US$26 million, up in value by around 2% over
the same period of 2023.
The total volume of China’s plywood exports in the first
quarter 2024 rose 25% to 2.936 million cubic metres
valued at US$1.104 billion compared to the same period in
2023.
The export markets for China’s plywood exports are
varied and the proportion of exports to the top 8 markets in
the first quarter of 2024 accounted for just 51% of the
national total.
Taiwan P.o.C became the largest destination for China’s
plywood exports in the first quarter of 2024, exceeding the
Philippines which previously was the main destination for
China’s plywood exports in the recent years. China’s
plywood exports to the Philippines fell 5% to 197,000
cubic metres in the first quarter of 2024. In addition,
China’s plywood exports to Japan dropped 1% to 135,000
cubic metres in the first quarter of 2024.
In contrast, the volume of China’s plywood exports to all
top destinations excepting the Philippines and Japan, rose
which resulted in the overall increase in the volume of
China’s plywood exports in the first quarter of 2024.
In addition, China’s plywood exports to Vietnam rose 50%
to 102,000 cubic metres in the first quarter of 2024.
Sharp increase on Plywood exports to Oceania
The US is no longer the major destination for China’s
plywood exports. In the first quarter of 2024 China’s
plywood exports to the US came to just 57,000 cubic
metres valued at US$39 million, up 6% in volume but
down 5% in value over the same period of 2023.
China has begun to diversify its plywood export markets
and plywood exports to Oceanian countries surged 60% to
158,383 cubic metres in the first quarter of 2024 with an
especially big jump in shipments to Vanuatu. China’s
plywood exports to both Fiji and PNG also grew nearly
200% in the first quarter of 2024.
Decline in CIF prices for plywood exports
In the first quarter of 2024 all average plywood CIF prices
to top destination declined but at very different rates
compared to the same period in 2023.
The CIF price for China’s plywood exports to Taiwan
P.o.C dropped 85% over the same period of 2023 resulting
in export volumes soaring.
Russia, the largest supplier of plywood imports
According to China Customs, in the first quarter of 2024
plywood imports totalled 86,550 cubic metres, up 109%
over the same period of 2023. Russia was the largest
supplier of China’s plywood imports in the first quarter of
2024. China’s plywood imports from Russia rose 179% to
75,520 cubic metres, accounting for 87% of the national
total.
Almost all of China’s plywood imports from Russia was
hardwood plywood. The face sheet was mainly alder, ash,
beech, birch or cherry.
China’s plywood imports from Malaysia and Indonesia
amounted to just 1,558 cubic metres and 3,086 cubic
metres respectively in the first quarter of 2024.
However, Malaysia and Indonesia were once the main
suppliers of plywood to China. China’s plywood imports
from Malaysia and Indonesia reached 800,000 cubic
metres and 1.11 million cubic metres respectively in 1995.
Surge in plywood imports from Vietnam
According to China Customs, plywood imports from
Vietnam rose to 1,460 cubic metres in the first quarter of
2024 driven by the availability of domestic raw material
and favorable national policies.
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