Chinese wood imports to stabilize despite a slowing economy and high 2019 domestic stocks

Chinese wood imports to stabilize despite a slowing economy and high 2019 domestic stocks

China’s 2019 imports of wood products are projected to stabilize despite a slowing economy and high 2019 domestic stocks. Softwood 2019 imports are forecast up due to competitively priced foreign exports and increased domestic applications for softwoods in furniture manufacturing. Hardwood 2019 imports are projected down due to weak demand from the furniture manufacturing sector and the interior-decoration market.

Growth in China’s wood processing sector is expected to slow with weaker global demand for Chinese products and more stringent environmental regulations. Overall wood products exports from China will likely decline in 2019 due to robust foreign competition and declining U.S. demand, due in part, to additional U.S. tariffs on Chinese wood products. On May 13, 2019, the State Council Tariff Commission (SCTC) announced that the government would administer an exclusion process for the additional tariffs imposed on specific U.S. exports. Three wood products’ (H.S. 44013100, 44013900 and 44032190) tariff lines are included in the first list of applicable products. Exclusions granted will be made publicly available, however, no records have been published at this time.

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