US Dollar Exchange Rates of 28th May 2010
China Yuan 6.8307
Report from China
Guangdong furniture exports soar to record high
Furniture and parts exports from Guangdong Province surged 34% to a record high at US$1.05 billion in April 2010. Guangdong exports represent 50% of the total national furniture and parts exports.
The latest statistics from Guangzhou Customs show that during January to April, furniture and parts exports totalled US$3.73 billion, climbing 27% over the same period in 2009.
Guangdong¡¯s furniture and parts were mainly exported to the USA, Europe and ASEAN countries. Exports to the USA and Europe rose both 20%, while exports to the ASEAN market increased 77%. This significant increase stems form the China-ASEAN free-trade agreement which has been in effect from the beginning of this year.
The statistics illustrate that China¡¯s furniture exports to the US continued on a strong note during the April despite the recently amended US Lacey Act.
Furniture exports to Russia fell sharply
According to the statistics from Manzhouli Customs, furniture exports during the first four months of 2010 plunged 67% to US$552,000 in value. Furniture exports from Manzhouli are all destined for Russia.
Foreign enterprises were the main traders to cut exports. In the first four months of 2010, the value of furniture exports by foreign enterprises through Manzhouli Port declined 68% to US$290,000. On the other hand, the value of furniture exports by domestic enterprises dropped by only 20% to US$262,000.
One reason for the fall in exports is bankruptcies of some foreign furniture sales companies.
First quarter wood products trade in Guangxi
It is reported that Guangxi Province wood product trade was booming in the first quarter of 2010. The total output of wood based panels was 2 million cu.m, up 26% over the same period of 2009.
According to the first quarter 2010 statistics from Nanning Customs, the total value of wood product exports from Guangxi Province were US$263 million, up 28%. The value of wood product imports amounted to US$93 million representing a 51% increase.
So far this year, investment in particleboard production has been increasing. The share of particleboard in wooden panel production is growing and as a result of recent investment, the production capacity will increase by 400,000 cu.m.
Prices for some wood products have shown an upward trend. Eucalyptus logs (8cm&up) were RMB600 per cu.m, up 13% over the same period in 2009.