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Chinese log imports need diversification as imports halved in Q3
Posted on July 7, 2023 |
In Q3 2023, China imported 12 million m³ of logs and lumber, half its peak in Q3 2020 and the 2nd lowest quarterly imports in a decade.
The lack of supply from Russia was mainly responsible for China’s reduction in log imports after the country implemented a log export ban in January 2022.
Russia was the largest log supplier to China till 2012 when New Zealand surpassed it and since then, Russian shipments fell consistently and were down to zero in 2022.
New Zealand and the EU have become the 2 major areas supplying China while log supply from Canada, Australia, the US, and Russia plunged in the last 5 years.
In 2022, Chinese GDP growth fell to 3% during COVID-19, compared to an average annual growth of 9% from 1978-2021, but will rebound to more than 5% growth in 2023.