Forest Sector Outlook - September 2023 QuarterFriday 3 Nov 2023
Key highlights for China/Asia - Factories in China reported their first expansion in activity in September, providing a spark of optimism for the global economy. The nation’s manufacturing sector’s Purchasing Managers Index (PMI) rose to 50.2, signaling expansion. Similarly, the non-manufacturing sector saw growth, boosted by consumer spending on services and increased construction activity. - The real estate market continues to face a downturn, with new home sales at major developers falling 29% in September compared to the previous year. China Evergrande Group, a major developer, faces financial troubles and regulatory hurdles, adding uncertainty to the sector. Country Garden is even bigger and it has some financial issues as well. - China’s exports are shrinking, and tensions with the US-led West over trade and technology remain. Local governments are burdened with heavy debts. Economists suggest that Beijing needs to implement more stimulus measures to ensure a stronger and more durable recovery. - Looking ahead, economists anticipate a challenging transitional period for China’s economy as the government aims to shift from a property-driven growth model to one fueled by advanced manufacturing. Most economist groups have lowered their economic growth forecasts for 2023 to around 5.0%, highlighting the need for successful rebalancing to establish a healthier economic footing. - China’s softwood log imports were lower for the first eight months in 2023 by 7.9% at 20.5 million m3 compared to the same period one year ago. Top 5 suppliers to China/Asia were: - New Zealand 11.5 million m3 +2.2% - Germany 2.5 million m3 -34.5% - Japan 877 000 m3 +16.6% - USA 857 000 m3 +5.8% - Poland 739 000 m3 +208% The Forest Sector Outlook covers regional market updates from Australia, New Zealand, China/Asia, Europe, Russia, North America, South America and Africa. More >> Source: Margules Groome | ||
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