US Dollar Exchange Rates of
25th
November
2025
China Yuan 7.09
Report from China
Decline in sawnwood imports
According to China Customs, rom January to September
2025 China’s sawnwood imports declined 12% to 18.34
million cubic metres valued at US$4.776 billion, down
11% over the same period of 2024.
The recent tariff friction between China and the United
States has had a significant impact on manufactuters.
Fluctuations in the timber supply chain have led to a
significant reduction in sawnwood imports and pushed up
input costs and has intensified the operating pressure on
enterprises.
Russia was the largest supplier of China’s sawnwood
imports with around 48% of China’s sawnwood being
imported from Russia from January to September 2025.
China’s sawnwood imports from Russia totalled 8.728
million cubic metres, down 8% over the same period of
2024.
Thailand was the second largest supplier of sawnwood
imports and 18% of China’s sawnwood were imported
from Thailand from January to September 2025. China’s
sawnwood imports from Thailand totalled 3.244 million
cubic metres, down 15% over the same period of 2024.
Imports of sawnwood from the two major supply countries
have dropped significantly leading to a larger decline in
China's overall sawnwood imports.
In addition, China’s sawnwood imports from Canada,
Belarus, USA, Gabon, Finland and Sweden fell sharply in
the first three quarters of 2025.
In contrast, China’s sawnwood imports from the
Philippines and Vietnam rose 20% and 91% respectively
from January to September 2025.
Decline in sawn softwood imports
China’s sawn softwood imports declined 14% to 11.15
million cubic metres from January to September 202,
imports from almost all top suppliers fell. China’s sawn
softwood imports from New Zealand, alone among top
suppliers, rose 31% from January to September 2025.
Russia was the largest supplier of sawn softwood imports
having a 70% market share. Sawn softwood imports from
Russia declined 10% to 7.841 million cubic metres year on
year.
Decline in tropical sawnwood imports
In the first three quarters of 2025 China’s tropical
sawnwood imports were 5.121 million cubic metres
valued at US$1.468 billion, down 11% in volume and 12%
in value and accounted for about 28% of the national total.
The CIF prices for tropical sawnwood fell 1% to US$287
per cubic metre over the same period of 2023.
The trade friction between China and the United States has
escalated and Western enterprises are accelerating the
adjustment of their production chains. The increase in
tariffs has forced global procurement to shift towards
Southeast Asian countries which has resulted in a
reduction in China's imports of tropical sawn timber.
Thailand was the largest supplier shipping tropical
sawnwood to China from January to September 2025. 63%
of China’s tropical sawnwood imports were shipped from
Thailand. China’s tropical sawnwood imports from
Thailand from January to September dropped 15% to
3.344 million cubic metres valued at US$838 million,
down 13% over the same period of 2024. The CIF price
for China’s tropical sawnwood imports from Thailand rose
2% to US$258 per cubic metre over the same period of
2023.
The Philippines was the second largest supplier shipping
tropical sawnwood to China from January to September
2025. 11% of China’s tropical sawnwood imports are
shipped from the Philippines. China’s tropical sawnwood
imports from the Philippines from January to September
rose 20% to 547,000 cubic metres valued at US$40
million, up 19% over the same period of 2024.
It is worth noting that China's imports of tropical
sawnwood from PNG and Vietnam soared, surging 286%
and 91% respectively from January to September 2025. In
contrast, China’s tropical sawnwood imports from Gabon,
Myanmar, Malaysia, Cameroon, the Republic of Congo
and Indonesia dropped year on year.
Significant decline in plywood imports
China’s plywood imports declined 41% to 272,000 cubic
metres from January to September 2025. China has an
abundant production capacity for plywood production and
exports a large amount to more than 200 countries as such
there is little demand for plywood at present.
China’s plywood imports from Russia, as the largest
supplier, fell 44% which directly led to a reduction in the
overall import volumes from January to September 2025.
In addition, China’s plywood imports from Malaysia,
Vietnam, Italy and Romania dropped over the same
period.
In contrast, China’s plywood imports from Japan rose
33%. It is worth noting that China's imports of plywood
from Chile and Cambodia while of small volume soared
from January to September 2025.
Rise in plywood exports
According to China Customs, from January to September
2025 China’s plywood exports totalled 9.922 million cubic
metres, up 4% over the same period of 2024.
China's plywood exports have been increasing year by
year with the number of export destinations consistently
exceeding 200. With the convenience of the Belt and Road
Initiative and the China-Europe Railway Express a large
amount of plywood can be exported to countries along
these routes.
The Philippines was the largest destination for China’s
plywood exports. From January to September 2025
China’s plywood exports to the Philippines amounted to
786,000 cubic metres, up 8% over the same period of
2024.
China’s plywood exports to UAE and Saudi Arabia, as the
second and third largest destination countries, rose 25%
and 32% respectively from January to September 2025. In
addition, China’s plywood exports to Nigeria, Australia
and Mexico grew 62%, 25% and 18% respectively over
the same period.
In contrast, China’s plywood exports to UK, Vietnam and
Japan dropped 3%, 6% and 6% respectively from January
to September 2025.
GTI-China Index in October 2025
Data from China's General Administration of Customs
revealed that in September this year China's total imports
of logs and sawnwood reached 4.67 million cubic metres
representing a year-on-year decline of 8%.
However, compared to the previous month, the volume
increased by16%, marking an end to the consecutive five-
monthly declines. From January to September China
imported a total of 42.17 million cubic metres of logs and
sawnwood, down 13% year on year. The data also
revealed a mixed performance in China’s furniture
industry characterised by recovering domestic demand but
subdued overseas demand.
While its domestic furniture sales saw substantial growth
during the first nine months cumulative exports fell by 5%
year-on-year to US$50.18 billion.
On 28 October, the’ Recommendations of the Central
Committee of the Communist Party of China for
Formulating the 15th Five-Year Plan for National
Economic and Social Development’ were released
outlining key directions for promoting development in the
real estate sector.
Under the Recommendations real estate development is
considered within the framework of a new-type of
urbanisation with its livelihood-oriented attributes further
emphasised. It is reported that in the future this will drive
the real estate sector to shift from scale expansion to
quality enhancement.
In October 2025, the GTI-China index registered 45.6%, a
decrease of 6.1 percentage points from the previous month
and fell below the critical value (50%) after one month
indicating that the business prosperity of the timber
enterprises represented by the GTI-China index shrank
from the previous month.
Due to factors such as China's eight-day National Day
holiday the production and business activities of Chinese
timber enterprises generally slowed down in October.
As for the twelve sub-indexes, one index (import) was
above the critical value of 50%, while the remaining
eleven indexes (production, new orders, export orders,
existing orders, inventory of finished products, purchase
quantity, purchase price, inventory of main raw materials,
employees, delivery time and market expectation) were all
below the critical value.
Compared to the previous month the indices for import
and inventory of raw materials increased by 1.2-9.9
percentage points, and the indices for production, new
orders, export orders, existing orders, inventory of finished
products, purchase quantity, purchase price, employees,
delivery time and market expectation declined by 0.5-10.9
percentage point(s).
 
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