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Plywood Pressured as U.S. Investigates Chinese Exports

Ags - Forestry 120 China 2775 Tariffs 1719 U.S. 4937

The U.S. International Trade Commission has initiated preliminary investigations into dumping of hardwood plywood in the U.S. from China. A preliminary determination is due by January 5 2017. This follows a previous case when the ITC decided in November 2013 that no harm was being done to U.S. industry by the imports.

Assuming that the same products will be covered this time as in the prior case, Panjiva data shows U.S. imports increased 18.3% in the 12 months to September 30 vs. calendar 2014. Imports from China accounted for a quarter of the increase in dollar terms with Canada contributing 16%. The growth looks to have continued,  with imports having jumped a further 14.8% in October vs. a year earlier in shipment terms.

IMPORTS OF CHINESE PLYWOOD GROW AFTER OLD CASE DISMISSED

20161123-plywood-us

Upper panel shows imports of potential products to be investigated in dollars, segmented by country of origin. Lower panel shows change in total in dollars, except October 2016 in shipments. Source: Panjiva

This is a case that China can ill-afford to lose. Exports of the products likely to be covered were worth $5.28 billion globally in the 12 months to September 30. This was 9.3% lower than in calendar 2014, with U.S. imports having climbed 6.4% over the same time period having accounted for 25.8% of sales. Exports to Japan slumped 32.1% and those to the EU dropped by 15.8%. Panjiva’s multi-dimensional search shows exporters to the U.S. are highly fragmented, but led by Zhejiang Layo Wood and Zhejiang Yuhua Timber.

IMPORTS OF CHINESE PLYWOOD GROW AFTER OLD CASE DISMISSED

20161123-plywood-china

Horizontal axis shows change in exports over last 12 months to September 30 vs. calendar 2013. Vertical axis shows change for month of September on year earlier. Bubble size indicates exports in dollars. Source: Panjiva

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