US Dollar Exchange Rates of
25th
March
2026
China Yuan 6.91
Report from China
Plywood production capacity in 2025
According to statistics from the Academy of Industry
Development and Planning under China National Forestry
and Grassland Administration and the China Forestry
Products Industry Association (CFPIA), the Chinese
plywood industry is experiencing a trend of a declining
number of enterprises, an increase in total production
capacity and a continuous growth in the average
production capacity of enterprises.
At the end of 2025 there were more than 5,100 enterprises
manufacturing plywood products in China with a total
production capacity of 246 million cubic metres per year,
up 11% year on year. The average production capacity of
plywood enterprises was 49,100 cubic metres per year.
Manufacturers of plywood are distributed across 26
provinces and autonomous regions and Guangxi Zhuang
Autonomous Region is ranked first with a total production
capacity of 76 million cubic metres in 2025.
Shandong and Jiangsu Provinces have an annual plywood
production capacity of 66 million cubic metres and nearly
30 million cubic metres respectively. Anhui, Hebei and
Fujian were three provinces with an annual production
capacity over 10 million cubic metres in 2025.
At present, the Chinese plywood industry faces a situation
where production capacity exceeds demand. The plywood
industry still needs to continue adjusting its product
structure to adapt to changes in market demand and
enhance the quality of its development, say analysists.
Chinese hardwood plywood subject to a preliminary
tariff of 187%
The US Department of Commerce, after an initial
investigation, ruled that during the period from October 1,
2024 to March 31, 2025, Chinese-made hardwood and
decorative plywood were sold at prices lower than their
fair value in the US market and it preliminarily determined
that this constituted an emergency situation.
Accordingly, starting March 2026 the US Customs and
Border Protection Agency will suspend the Customs
clearance procedures for the defined goods and collect
deposits at the applicable tax rates as determined.
This announcement determined that the weighted average
dumping margin for all Chinese domestic enterprises was
187.27%, and for the listed producer-exporter
combinations and Chinese domestic enterprises as a
whole, separate adjusted rates of 185.96% were set.
The US Department of Commerce stated that it plans to
issue the final ruling by May 10, 2026. This deadline is
within 75 days from the date of signing of the initial ruling
(February 24, 2026). Subsequently, the US International
Trade Commission will make a final determination on
whether the ruling has caused substantial harm to the
relevant US industries.
See:
https://www.trade.gov/preliminary-affirmative-determination-
antidumping-duty-investigations-hardwood-and-decorative
Review of anti-dumping and anti-subsidy on Chinese
forest products
According to an announcement from the US Department
of Commerce, an annual administrative review of the
existing anti-dumping and anti-subsidy tax measures for
major imported wood products was initiated in March
2026 and the final results are expected to be released by
January 31, 2027.
This re-examination covers the period from 1 January
2025 to31 December 2025 and involves some Chinese
hardwood plywood products and wooden bedroom
furniture.
Regarding the re-examination of Chinese wooden
bedroom furniture, the Ministry of Commerce in China
has clearly stated that the submission of quantity and value
responses as well as supplementary information should be
completed within 21 days after the notice is issued while
the submission of individual tax rate certificates or
applications should be completed within 14 days after the
notice is issued.
The United States has initiated the annual review of the
anti-dumping and anti-subsidy measures for wood imports
which will have a direct impact on the relevant exporting
enterprises in China.
Companies failing to prove independence from state
control are being hit with adverse facts available (AFA)
rates. These measures are intended to support U.S.
domestic producers against alleged unfair competition
See:
https://www.trade.gov/commerce-initiates-antidumping-duty-
and-countervailing-duty-investigations-hardwood-and-
decorative#:~:text=fact%20sheet%20for%20the%20initiation%2
0of%20AD/CVD,Decorative%20Plywood%20from%20China%
2C%20Indonesia%2C%20and%20Vietnam.
Output of wood and bamboo manufacturing - RMB3.4
trillion
According to the National Forestry and Grassland
Administration (NFGA), China has been continuously
promoting the healthy development of the forestry and
grassland industry in recent years. In 2025 the total annual
output value of the forest and grassland industry was
nearly RMB11 trillion and the annual total import and
export trade value of forest products exceeded US$180
billion.
The NFGA says the forestry and grassland industry in
China is developing healthily. The four pillar industries -
wood and bamboo processing, economic forests, forest-
based economy and ecological tourism have further
strengthened their supporting capabilities and their roles in
driving income growth and stabilising employment so are
becoming increasingly prominent.
The annual timber production in 2025 reached 140 million
cubic metres and the output value of timber processing and
wood and bamboo product manufacturing was RMB3.4
trillion.
The national area of oil tea cultivation will reach nearly
520 hectares and the annual output of tea oil has been 1.18
million tonnes. The annual output of forest food has
exceeded 240 million tonnes and the per capita forest food
output has ranked among the top in the world. The annual
number of tourists in eco-tourism has reached 3 billion.
February GGSC report
Recently, the 29th APEC Experts Group on Illegal
Logging and Associated Trade (EGILAT) Plenary was
held in Guangzhou, China bringing together
representatives from 14 APEC (Asia-Pacific Economic
Cooperation) member economies and participating
international organizations. According to the 2026 work
plan adopted at the meeting an APEC Ministerial Meeting
on Forestry will be held in China this year.
In response to the EU Deforestation Regulation (EUDR)
Chinese timber enterprises are exploring various strategies
such as supply chain restructuring, technological
empowerment, certification system development and
enhanced industry collaboration.
In February 2026 the GTI-China index registered
31.1percent, a decrease of 13.9 percentage points from the
previous month and below the critical value (50%) for the
fifth consecutive month indicating that the business
prosperity of the timber enterprises represented by the
GTI-China index shrank from the previous month.
As for the twelve sub-indices, two (purchase price, and
market expectation) were above the 50% critical value,
while the remaining ten indices were all below the critical
value. Compared to the previous month the index for
market expectation increased by 19.3 percentage points,
whereas the remaining eleven indices declined.
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