China is a key global player in the plywood trade. Since the 20th century, it has been a major importer of plywood products. After joining the WTO, China's plywood exports grew rapidly, establishing the country as a leading exporter. Exports have significantly contributed to high-quality development in the sector and boosted domestic economic growth. However, in recent years, the industry has faced multiple challenges including volatile market demand, constraints on timber supply, rising operating costs, and the impact of trade barriers, leading to new trends in international plywood trade.
High Import Dependency on a Single Country
From 2015 to 2024, China's annual plywood imports showed two distinct phases. Before 2022, import volumes remained stable between 140,000 and 220,000 cubic meters. In the past two years, due to shifts in the global political and economic landscape, import volumes became significantly more volatile.
In 2023, China imported 295,400 cubic meters of plywood, a 50.64% year-on-year increase. In 2024, imports surged by over 100%, reaching 792,900 cubic meters, with an import value of $189 million-a 7.25% rise. This sharp increase was mainly driven by a large influx of low-priced plywood from Russia, pushing import volumes to a 10-year high.
By product type, ordinary plywood dominated imports. In 2024, China imported 774,300 cubic meters of ordinary plywood, up 175.75% year-on-year. Blockboard imports reached 12,900 cubic meters, a 59.26% increase. Laminated veneer lumber imports fell 11.11% to 5,600 cubic meters, reflecting low demand. Bamboo plywood imports were minimal at 100 cubic meters, accounting for less than 1% of the total.
Bamboo plywood had the highest import unit price at $1,930.63 per cubic meter. Blockboard followed at $686.41 per cubic meter, though this was down 37.55% year-on-year. Laminated veneer lumber averaged $431.88 per cubic meter, a decline of 9.21%. Ordinary plywood saw the steepest price drop, falling 60.71% to $271.58 per cubic meter.
In 2024, imports of ordinary plywood from Russia reached 736,800 cubic meters, accounting for 95.17% of total imports. Shares from Indonesia, Malaysia, Japan, and Vietnam each stood at around 1%. Russia has been China's largest plywood supplier over the past five years, with its share rising from 34.58% in 2020 to 95.17% in 2024. Since the Russia-Ukraine conflict, Western sanctions on Russian timber have led Russia to ban log exports and encourage processed product exports. This could create future supply risks. China should diversify its import sources by expanding channels in Southeast Asia and Europe.
The import structure for blockboard differed significantly, with more diversified sources. Indonesia was the largest supplier with 10,045 cubic meters (77.87%), followed by Romania (14.07%). Other countries such as Austria, Italy, and Ecuador had minor shares, indicating European advantages in quality or pricing.
Laminated veneer lumber imports came mainly from Russia (5,551 cubic meters) and Indonesia (37 cubic meters).
Exports Reach Decade High
Plywood is China's largest wood-based panel export category. In 2024, plywood exports hit a record 13.1515 million cubic meters, a 22.80% year-on-year increase-the highest volume in a decade. However, export value grew by only 9.45%.
Ordinary plywood dominated exports, with volumes exceeding 10 million cubic meters for two consecutive years. In 2024, ordinary plywood exports rose 21.3%, but unit prices fell 11.83%, reflecting intense market competition and cost pressures. Blockboard and laminated veneer lumber exports grew significantly, suggesting emerging market demand-especially laminated veneer lumber, which surged 164%. Bamboo plywood exports declined in volume but rose in price, showing a contrasting trend.
Export markets were relatively diversified but still concentrated in neighboring regions. Hardwood plywood exports primarily went to Asia and the Middle East. The Philippines was the top destination with 998,300 cubic meters, far exceeding the second-largest market, the UK (751,900 cubic meters). Softwood plywood exports were concentrated in China's Taiwan (239,900 cubic meters) and Australia (173,900 cubic meters). The U.S., Thailand, and Indonesia were also key markets, indicating broad distribution across Asia-Pacific and North America.
Blockboard exports mainly went to Europe and North America. Germany was the top market (60,700 cubic meters), followed by Belgium, Jordan, the U.S., and Mexico. Jordan's presence highlighted demand in the Middle East.
Bamboo plywood exports remained low, indicating early-stage development. Malaysia was the largest market (14,800 cubic meters), followed by the U.S. and Japan. Laminated veneer lumber had a solid market in Asia-Pacific and the Middle East, with Japan leading (149,900 cubic meters).
Guiding Export Structure Optimization
China's international market share for plywood has been high in recent years: 22.59% in 2022, 18.66% in 2023, and 25.11% in 2024. Although share dipped in 2023, the rebound in 2024 reflects strengthened global competitiveness and potential for further growth. The trade competitiveness index remained stable near 1, indicating strong and consistent performance. While the trade surplus and high market share support short-term economic growth, long-term reliance on high volume and low prices is unsustainable.
Looking ahead, China's plywood trade will maintain an export-dominated, import-concentrated structure. Exports are expected to continue growing, with ordinary plywood competing on cost-effectiveness and high-end products like blockboard and bamboo plywood moving up the value chain. Import reliance on Russia and few other sources poses supply chain risks, requiring vigilance toward geopolitical and trade policy changes.
To ensure sustainable development, China should:
- Diversify import sources by expanding supply channels in Southeast Asia and Europe.
- Optimize export structure by supporting quality and brand building, reducing over-reliance on price competition.
- Promote high-value products like blockboard and laminated veneer lumber in premium markets.
- Enhance monitoring of international market changes to quickly respond to trade barriers and demand fluctuations.
