China's forest product manufacturing industry slightly scaled back

Despite continued expansion in November, China's forest product manufacturing sector saw a slowdown in growth, primarily due to declining market demand. This information was revealed in the November China Forest Products Index Report released by the State Forestry Administration International Forest Products Research Center. The FPI30 composite index for November 2012 stood at 58.0%, outperforming the national manufacturing index by 7.4 percentage points, but it dropped by 5.4 percentage points from the previous month. Meanwhile, the FPI Floor composite index reached 58.2%, exceeding the national average by 7.6 percentage points, yet fell by 6.3 percentage points compared to October. These figures indicate that while the production of leading companies in both sectors expanded, the pace of growth slowed down. Looking at the FPI30 index, the production index was 67.3%, a decline of 3.9 percentage points from the prior month, suggesting ongoing production growth among major forest product manufacturers. The new orders index was 61.5%, with the new export orders index at 50.0%, showing a drop of 13.5 and 2.6 percentage points respectively. This suggests that although new orders were still rising, the rate of increase had slowed, particularly for exports, which remained flat compared to the previous month. The inventory of major raw materials rose to 55.8%, down 3.8 percentage points from the previous month, indicating continued stockpiling. The employee index remained at 48.1%, below the critical threshold, signaling no change in employment levels. The supplier delivery time index stayed at 50.0%. In the FPI Floor index, the production index was 66.7%, down 7.1 percentage points from the previous month, showing slower growth in flooring production. The new orders index was 66.7%, a decrease of 11.9 percentage points, with new export orders falling to 47.1%, below the threshold, indicating a contraction in export demand. Domestic orders, however, still showed growth, albeit at a reduced rate. Raw material inventory dropped to 50.0%, down 9.5 percentage points from the previous month, reflecting a reduction in stock. The employee index remained at 45.2%, also below the threshold, showing a continued decline in labor numbers. Supplier delivery times remained unchanged at 50.0%. Overall, while the FPI30 and FPI Floor indices indicated expansion in November, several key indicators—such as production, order levels, export demand, and raw material inventories—showed declines. Meanwhile, employment and supplier delivery times remained stagnant or contracted, highlighting a mixed performance across the sector.

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