This year continues to be a record year for US hardwood exports to China. The overall Greater China market is up 19% (YoY) through the first 8 months to $1.082 billion, but SEA (while making a late year comeback) is still down 3.4% (YoY) to $199 million.
For Mainland China market, the growth rate is 20.9% compared to 2015 and reached $1.058 billion. The exports in the first eight months to Mainland China has set the forecast for 2016 export towards a breaking record set in 2014.
The world value of global exports of US hardwood was $2.361billion, up 5.1% (YoY). Greater China & Southeast Asia accounted for 45.8 & 8.4% of global exports respectively. In total, SOM (share of market) of the SEA & GRCH region contributed 54.3% which was exceed the 2014 level (51.4%).
China dominated the uptick of hardwood lumber - reaching $785 million (up 24%) and contributed 52.1% to the global exports of US hardwood lumber ($1,508 million). Hardwood logs exported to China are also up 15% to $263 million which is 53.5% of the total exports of hardwood logs ($492 million).
Red oak continued to be the rock star, and rose significantly by 34% to $309 million, which was nearly 40% of the total hardwood lumber exports to China. Ash was up 26% to $135 million, which accounted nearly 18% of the total hardwood lumber exports to China.
Cherry and Walnut were accelerating remarkably by 48% and 60% respectively against 2015. The whole Southeast Asia market was down by 3.4% to $199 million in which 68.3% ($135.9 million) was contributed by Vietnam market.
US hardwood lumber exports to Southeast Asia totaled $148 million, a 1% decrease; logs totaled $33.2 million, down 18.6%; veneer totaled $14.5 million, up 15%. Vietnam imported slightly more lumber (2% YoY, $106.6 million), and accounted for 7.1% of the global exports of US hardwood lumber.
Yellow Poplar and White Oak were the best-selling species valued at $41 million and $29.5 million, rose 12% (YoY) and 8% (YoY) respectively.