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March 30, 2020

Analysis: What’s the impact of the coronavirus on the Chinese timber industry?

Analysis: What’s the impact of the coronavirus on the Chinese timber industry?

During the coronavirus crisis, nearly half of the companies in the Chinese wood industry reported that the epidemic had a great impact on their production, and their operations were almost stopped. At the moment, most enterprises face problems such as shortage of raw material inventory, insufficient labor force, lack of working capital and rising freight rates. With regard to the export trade of timber and wood products, the epidemic caused a decline in the efficiency of transportation and port unloading, and the export orders of timber operating and processing enterprises significantly decreased. The increased risk of the global epidemic has also brought uncertainty to companies to resume production and cash flow.

Affected by factors such as shutdown and production shutdown, the output of China's timber industry is relatively severely damaged. The coronavirus caused the output of the wood processing industry, furniture industry and paper industry to decline by 2.30%, 2.48% and 1.91%, respectively.

Among them, the drop in total factor productivity caused by the shutdown and production of enterprises played a major role, reducing the average output of the industry by 1.78%; the decline in labor productivity caused by the gradual resumption of work reduced the average output of the industry by 0.55%. The average decline was 2.33%. This is mainly because the timber industry, as a typical manufacturing industry, relies on substantial production inputs such as labor, machinery and equipment. Once a link is interrupted, it will trigger a chain reaction.

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