US Dollar Exchange Rates of
25th
Feb
2025
China Yuan 7.28
Report from China
Decline in 2024 sawnwood imports
According to data from China’s Customs, 2024 sawnwood
imports totalled 26.74 million cubic metres valued at
US$6.86 billion, a year-on-year decrease of 4% in volume
but an increase 0.3% in value on 2023. The average price
for imported sawnwood in 2024 was US$257 per cubic
metre, a year on year increase of 4%.
Of total sawnwood imports, sawn softwood imports fell
7% to 16.63 million cubic metres, accounting for 62% of
the national total. The proportion of sawnwood imports
fell about 3 percentage points year on year. The average
price for imported sawn softwood was US$204 per cubic
metre in 2024, up 4% year on year.
Sawn hardwood imports totalled 10.11 million cubic
metres valued at US$3.48 billion, a year on year increase
3% in volume and 5% in value on 2023. The average price
for imported sawn hardwoods was US$344 per cubic
metre, a year-on-year increase of 2% year on year.
Of total sawn hardwood imports, tropical sawn hardwood
imports were 7.46 million cubic metres valued at US$2.14
billion, a year-on-year increase of 8% in volume and 11%
in value and accounted for about 28% of the national total,
up 3 percentage points on 2023 level. The average price
for imported tropical sawn hardwood was US$287 per
cubic metre, up 3% year on year.
 
Reasons for decline in China's sawnwood imports
The main reason was the reduction in domestic demand.
China’s Real Estate Production Index increased from
October 2024 but remained sluggish which slowed
construction and manufacturing industries leading to a
decline in demand for sawnwood.
China's sawnwood output from domestic resources
increased and the level of self-sufficiency improved such
that dependence on imported sawnwood declined. The
output of China's sawnwood has shown a steady growth in
recent years.
According to statistics from the National Bureau of
Statistics, China's sawnwood production was about 85
million cubic metres in 2018 and this increased to about
90 million cubic metres in 2019.
Although sawnwood output fluctuated in 2020 as a result
of the pandemic it remained at about 90 million cubic
metres. Sawnwood production further increased to about
100 million cubic metres in 2021 with economic recovery.
China's sawnwood production reached about 110 million
cubic metres, a record high in 2022. China's sawnwood
production in 2023 is also as high as 80 million cubic
metres.
In addition, China has promoted the use of alternative
materials and implemented the "bamboo instead of wood"
policy, reducing the demand for sawnwood.
Another reason for the decline was that the price for
imported sawnwood rose.
Decline in sawnwood imports from Russia
China Customs data shows Russia was the largest supplier
of sawnwood imports in 2024 but imports from Russia
dropped 6% to 12.23 million cubic metres and accounted
for 46% of the national total. The value of imports was
US$2.603 billion, down 2% on 2023. The average price
for imported sawnwood from Russia in 2024 was US$213
per cubic metre, a year on year decline of 7%.
The decline in China's imports of sawnwood from Russia
was because of weak domestic demand and because of a
diversification of supplying countries in order to reduce
dependence on a single country. China's sawnwood
imports from Belarus and Gabon increased significantly
by 37% and 43% respectively in 2024.
China’s sawnwood imports from Thailand rose to 4.913
million cubic metres valued at US$1.247 million, up 9% in
volume and 15% in value on 2023. The average price for
imported sawnwood from Thailand in 2024 was US$254
per cubic metre, a year on year increase of 2%.
Growth in sawn softwood imports from Belarus
According to China Customs sawn softwood imports from
Belarus rose 37% to 1.159 million cubic metres in 2024.
Belarus sawn softwood had a price advantage in the
international market due to low production costs and
competitive pricing to attract Chinese buyers. The average
CIF price of sawn softwood imports from Belarus in 2024
was US$191 per cubic metre, while the average CIF price
of imported sawn softwood from Russia is US$207 per
cubic metre.
With the promotion of the Belt and Road Initiative the
logistics and transportation possibilities between China
and Belarus have improved reducing transportation cost
thus making the import of sawnwood from Belarus
economically viable.
China’s sawn softwood from New Zealand and USA also
grew 16% and 55% respectively. In contrast, China’s sawn
softwood imports from the other main suppliers dropped
in 2024.
Rise in sawn hardwood imports from Thailand
China’s sawn hardwood imports from Thailand, as the
largest supplier, continued to rise and grew 9% to 4.913
cubic metres in 2024, accounting for 49% of the national
total. China's sawn hardwood imports from Thailand are
mainly rubberwood and China's imports of sawn
rubberwood continue to grows.
Because of its good characteristics Thai rubberwood is
widely used in furniture, wooden doors, bathroom
cabinets, floors, kitchenware and custom homes in China.
Thailand's wood processing industry has improved in
terms of technology, product quality and supply stability
and China's demand for high-quality sawn rubberwood is
high.
Economic cooperation between China and ASEAN
countries has deepened, the integration of regional supply
chains has accelerated and Thailand, as a member of
ASEAN, has become a reliable supplier to China.
Russia and USA still are the second and third largest
suppliers of China’s sawn hardwood imports and
accounted for 9.7% and 9.6% respectively but fell 15%
and 11% respectively in 2024.
Rise in sawn tropical hardwood imports
China’s sawn tropical hardwood imports in 2024 were
7.46 million cubic metres valued at US$2.14 billion, a
year on year increase of 8% in volume and 11% in value
and accounted for about 28% of the national total, up 3
percentage points on 2023.
China's imports of sawn tropical hardwood from Gabon
have increased significantly, jumping from the third
largest supplier to the second largest supplier, replacing
the Philippines.
Gabon was the second supplier of China’s sawn tropical
hardwood imports in 2024 and sawn hardwood imports
from Gabon rose 43% to 768,000 cubic metres, but
decrease 11% to 636,000 from the Philippines on 2023.
The top three countries supplied 85% of China’s sawn
tropical hardwood requirements in 2024, namely Thailand
(66%), Gabon (10%) and the Philippines (9%).
The main reasons for the increase in China's tropical sawn
hardwood imports in 2024 were as follows.
With an improvement in China's economy the construction
industry and furniture manufacturing industry picked up
and the demand for sawnwood is increased, especially for
high-quality tropical sawn hardwood.
In response to anticipated demand and possible or price
fluctuations, Chinese companies have increased
inventories and reserves of tropical sawn hardwood.
Rise in CIF prices for sawn tropical hardwoods
The average price for imported sawn tropical hardwood
was US$287 per cubic metre in 2024, up 3% year on year.
The CIF prices for the top suppliers of tropical sawn
hardwood imports, Thailand, rose 5% year on year, in
contrast, prices in Gabon and the Philippines declined 6%
and 5% respectively in 2024.
GGSC report for January 2025
In 2024, China’s wood and wood product imports
amounted to 74 million cubic metres, a year-on-year
decrease of 4.4%. The import value stood at US$13
billion, down 1.53% year-on-year. In terms of species
hardwood logs included oak, beech, okoumé and merbau
and the main hardwood sawnwood species were
rubberwood, beech and ash with Thailand being the largest
supplier of tropcal sawn hardwood.
In January the Ministry of Commerce and other agencies
jointly issued a notice on implementing the home
improvement and kitchen and bathroom renovation
initiative for 2025. Focusing on a green, smart and senior-
friendly direction the policy supports consumers in
purchasing materials and items for old house renovations,
partial kitchen and bathroom upgrades and home
modifications for the elderly. During the Chinese New
Year holiday, this policy boosted sales of building and
decoration materials as well as other home renovation-
related products by 15.5% year-on-year.
Recently, the National Forestry and Grassland
Administration, along with the National Development and
Reform Commission and four other agencies, issued the
medium and long-term Plan for Natural Forest
Conservation and Restoration. The Plan requires that by
2035 natural forest conservation and restoration will be
complete with the total area of natural forests maintained
at around 2.58 billion mu (approximately 172 million
hectares) and significant improvements in forest quality
observed.
In January 2025 the GTI-China index registered 39.5%, a
decline of 10.3 percentage points from the previous
month. It has been below the critical value (50%) for 3
consecutive months indicating that the business prosperity
of the timber enterprises represented by the GTI-China
index shrank from the previous month and the degree of
contraction was increased.
The primary reason for this decline was the impact on
business activity of the traditional Chinese New Year
festivities, during which Chinese timber enterprises
temporarily suspended production and operations.
As for the twelve sub-indices, three indices (purchase
price, delivery time and market expectation) were above
the critical value of 50% while the remaining nine indices
(production, new orders, export orders, existing orders,
inventory of finished products, purchase quantity, import,
inventory of main raw materials and employees) were all
below the critical value.
Compared to the previous month the indices for purchase
price and market expectation increased by 4.6-13.1
percentage points and the indices for production, new
orders, export orders, existing orders, inventory of finished
products, purchase quantity, import, inventory of main raw
materials, employees and delivery time declined.
See: https://www.itto-
ggsc.org/static/upload/file/20250221/1740123021422119.pdf
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