US Dollar Exchange Rates of
China Yuan 6.7183
Report from China
Surge in log imports from Latvia and PNG
According to China Customs, log imports were 18.04
million cubic metres valued at US$3.641 billion, down
30% in volume and 12% in value in the first five months
However, log imports from Latvia doubled to 290,000
cubic metres and imports from PNG rose 22% to 1.09
million cubic metres.
Softwood log imports
Softwood log imports fell 39% to 12.18 million cubic
metres valued at US$1.983 billion, down 28% in value
from the same period in 2021. However, China¡¯s softwood
log imports from Latvia alone surged almost 500% to
167,598 cubic metres. Imports from the other top suppliers
declined in the first five months of 2022.
Hardwood log imports
Hardwood log imports rose 6% to 5.86 million cubic
metres in the first five months of 2022. Hardwood log
imports from Latvia grew 7% to 120,000 cubic metres.
China¡¯s hardwood log imports from Equatorial Guinea
surged 194% to 170,000 cubic metres, from PNG, France
and Cameroon imports rose 22%, 21% and 37% and from
Brazil and USA imports rose 7% and 5%.
However, China¡¯s hardwood log imports from Solomon Is.
and Germany fell 18% and 15% respectively and from
Russia and the Republic of Congo imports declined 5%
and 3% in the first five months of 2022.
Decline in China¡¯s furniture exports
The value of China¡¯s furniture exports declined 3% to
US$9.468 billion in the first five months of 2022. The
USA still is the largest destination but exports fell 3% to
US$3.088 billion but still accounted for 33% of total
Chinese furniture exports to Asia, Oceania and
increased 5%, 4% and 2% respectively but to North
America, Europe and South America exports declined.
Among the top markets for China¡¯s furniture exports sales
to Australia rose 7% to US$634 million, exports to Japan
and South Korea grew 2% and 3% respectively.
However, furniture exports to USA, UK and Canada fell
3%, 15% and 16% respectively and to Germany and
France exports dropped 14% and 5% respectively.
China¡¯s furniture exports to Peru, Brazil and Colombia fell
24%, 28% and 40% respectively.
Decline in furniture exports to USA
According to China Customs data the proportion of
China¡¯s furniture exports to the USA has increased from
33% in 2014 to 44% in 2018 but declined from 44% in
2018 to 31% in 2020 due to the China-USA trade friction.
The proportion of China¡¯s furniture exports to the USA
was 32% in 2021 from 31% in 2020. China's furniture
exports are diversifying to more than 200 countries.
Rise in the number of wood product
According to the National Bureau of Statistics the number
of registered wood products enterprises in China increased
between from 2017 and 2021 reaching 10,223 by the end
of 2021, a record high. By the end of April 2022 the
number of wood processing enterprises in China was
11,216, a big increase of 1,314 year-on-year. There are
more than 11,000 wood processing enterprises but the
number of enterprises with sales of more than RMB20
million is small and basically stable.
Drop in domestic log production
According to the National Bureau of Statistics the
domestic production of logs in 2021 was 98.88 mil. cubic
metres, down 4% over 2020.
GGSC-CN Index Report (June 2022)
In June 2022 as the impact of the epidemic eased
industries began to recover. In June, China's PMI index
registered 50.2%, an increase of 0.6%s from the previous
month and back to above the critical value of
50% indicating an overall recovery of the economy.
Due to the rain season resource procurement activities by
the wood processing and manufacturing sectors dropped,
and the recovery of orders and production was not ideal.
The GGSC-CN comprehensive index for June registered
30.7% (53.3% for last June and 55.0% for June 2020) a
decrease of 6.4% from the previous month and has been
below the critical value of 50% for four months. See
Challenges : Disrupted logistics
and high costs, some
products in short supply
Commodity of which the price has been increased :
Brazilian tauari , rubber, urea and composite raw
Commodity of which the price has been decreased :
Taun, oak, melamine.
In June 2022 two sub-indexes of GGSC-CN were flat and
The production index registered 35.7%, the same
as the previous month and has been below the
critical value of 50% for three months
The new order index registered 21.4%, a decrease
from the previous month reflecting the ability of
enterprises to obtain orders is worse than the
previous month. The new export order index
reflecting international trade registered 28.6%, a
decline from the previous month.
The main raw material inventory index registered
28.6%, a decline from the previous month.
The employment index registered 35.7%, down
from the previous month.
The supplier delivery time index was 35.7%,
same as the previous month.