China's forest product manufacturing industry slightly scaled back

In November, China's forest product manufacturing industry continued to expand, but at a slower pace compared to the previous month. This decline in growth was primarily attributed to reduced market demand, according to the November China Forest Products Index Report released by the State Forestry Administration International Forest Products Research Center. The FPI30 composite index stood at 58.0% in November, outperforming the national manufacturing index by 7.4 percentage points. However, it dropped by 5.4 percentage points from the prior month. Meanwhile, the FPI Floor composite index reached 58.2%, surpassing the national average by 7.6 percentage points, yet fell by 6.3 percentage points from the previous month. These figures indicate that while leading companies in the forest products sector were still expanding, their growth rate had slowed down. Looking specifically at the FPI30 index, the production index came in at 67.3%, down 3.9 percentage points from the previous month, showing that production levels among major manufacturers remained on an upward trend. The new orders index was 61.5%, with the new export order index at 50.0%. Both saw declines of 13.5 and 2.6 percentage points respectively, suggesting that although new orders were still growing, the rate of increase had weakened, particularly for exports, which remained flat. The inventory of raw materials index stood at 55.8%, down 3.8 percentage points from the prior month, indicating continued expansion in raw material stockpiles. The employee index remained at 48.1%, unchanged from the previous month and below the critical threshold, signaling no significant change in employment levels. The supplier delivery time index stayed at 50.0%, consistent with the previous month. In the FPI Floor index, the production index dropped to 66.7%, a decrease of 7.1 percentage points from the prior month, showing that while flooring manufacturers were still expanding, the growth margin had narrowed. The new orders index fell to 66.7%, a drop of 11.9 percentage points, with the new export order index at 47.1%, down 2.9 percentage points from the previous month and below the critical threshold. This suggests that domestic orders were still rising, albeit at a slower pace, while export orders were contracting. The main raw materials inventory index for the FPI Floor index was 50.0%, down 9.5 percentage points from the previous month and at the critical value, indicating a reduction in raw material stocks among leading flooring companies. The employee index remained at 45.2%, also below the threshold, showing that labor numbers continued to decline at the same rate as the previous month. The supplier delivery time index stayed at 50.0%. Overall, the November FPI30 and FPI Floor indices showed that while the industry was still expanding, key indicators such as production, order levels, export orders, and raw material inventories all declined to some extent. Meanwhile, employment and supplier delivery times remained stagnant or contracted.

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