US Dollar Exchange Rates of
10th
November
2025
China Yuan 7.12
Report from China
Retail sales of consumer goods
In a press release the National Bureau of Statistics
reported total retail sales of consumer goods in September
2025 rose by 3.0% year on year. Specifically, retail sales
of consumer goods excluding automobiles rose 3.2%.
Between January and September total retail sales of
consumer goods rose by 4.5%. In the same period China’s
online retail sales were up by 9.8% year on year.
It was reported that furniture sales in September rose
21.5% and sale of builders’ material and interior trim rose
just 1.6%
In another press release the National Bureau of Statistics
says in the first nine months of 2025 investment in real
estate development fell almost 14% year on year, of which
investment in residential buildings was down 12.9%.
Sales of newly built commercial buildings
Similarly, the floor space of newly built commercial
buildings in the first nine months of 2025 was down 5.5%
year on year and sales of newly built commercial buildings
were down 7.9%.
See:
https://www.stats.gov.cn/english/PressRelease/202510/t2025102
2_1961654.html
Decline in log imports
According to China Customs, from January to September
China’s log imports dropped 13% to 23.96 million cubic
metres valued at US$3.753 billion, down 22% over the
same period of 2024.
Of the total, China’s softwood log imports amounted to
18.02 million cubic metres, down 8%. Hardwood log
imports came to 5.94 million cubic metres, dropping 25%
over the same period of 2024.
New Zealand was the largest supplier of logs and. China’s
imports from New Zealand rose 1% to 13.567 million
cubic metres between January to September 2025,
accounting for 57% of the national total.
China’s log imports from Japan grew 12% to 1.289
million cubic metres, in addition, imports from Canada
and Latvia rose 10% and 55% respectively between
January and September 2025. In contrast, China’s log
imports from the US fell 75%. Log imports from PNG,
Russia, Solomon Isands, Germany and France declined
(see table).
Due to quarantine issues with logs from the US, on 4
March 2025 the General Administration of China Customs
issued an announcement stating that it would immediately
suspend the import of wood from the United States. This
not only had a profound impact on the wood trade pattern
between China and the United States but also brought an
extremely obvious shock to the domestic wood industry in
the US.
It has been reported that many sawmills in the southern
United States have had to reduce production due to
changes in demand, uncertainties in trade policies and
various regulatory barriers.
See:
https://www.chinatimber.org/index.php/price/detail.html?id=857
30
Further decline in tropical log imports
China’s tropical log imports fell 29% to 3.009 million
cubic metres valued at US$743 million from January to
September 2025.
Tropical log imports from PNG, the largest supplier, fell
22% to 1,208 million cubic metres over the same period.
In the meantime, China’s tropical log imports from
Solomon Is, the Republic of Congo, Cameroon, DRC,
Suriname and Bolivia dropped 28%, 29%, 32%, 16%,
37% and 47% respectively year on year. In contrast,
China’s tropical log imports from Central African
Republic and Ecuador rose 43% and 3% over the same
period of 2024.
The main reasons for the significant reduction in China's
tropical log imports were the sluggish real estate sector
leading as well as the cautious purchasing strategies
adopted by importers due to economic environment and
trade uncertainties.
The real estate sector in China remains sluggish. In the
first half of 2025 the reduction in new housing starts and
the decline in the level of second-hand housing
transactions directly led to a cooling in the demand for
wood from developers, decoration companies and
furniture factories. This trend was particularly evident in
July 2025 when both the import volume of logs and
sawnwood each decreased by 14% over the same period of
2024.
When China and the US failed to reach a consensus on
trade it intensified the cautious purchasing attitude of
importers. Coupled with the pressure in the domestic
economic environment importers reduced their
inventories. Export volume from most major tropical log
suppliers such as Papua New Guinea to China has
decreased directly leading to a significant drop in China's
total tropical log imports.
Surge in sawnwood imports from Viet Nam
The US decision to impose additional tariffs on wood
products, furniture etc. exported to the US has brought
about a challenging situation for Viet Nam.
Some American timber is being transported to China via
Viet Nam. China Customs data shows that from January to
September 2025 China's sawnwood imports from Viet
Nam reached 246,400 cubic metres valued at US$144
million, up 91% and 148% respectively over the same
period of 2024.
Reshaping of the wood trade pattern between China and
the United States, Viet Nam is not only a transit station for
China's wood imports but also a affected party of US trade
protectionism. Future competitiveness not only depends on
the ability to diversify external markets but also relies on
policy initiatives, the improvement of supply chain
transparency and the upgrading of processing technology.
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