In November, the GTI-Woodbased Panel (GTI-WBP) Index registered 45.9%, a decrease of 0.2 percentage point from the previous month, was below the critical value (50%) for eight consecutive months, indicating that in the GTI pilot countries, the overall business prosperity of wood-based panel industry represented by the index shrank from last month.

On the demand side, the overall demand for wood-based panels remained relatively stable in the pilot countries. This month, the export orders index (45.3%) registered below the critical value of 50%, indicating that the international market for wood-based panels was still relatively sluggish. However, due to an increase in domestic orders for GTI wood-based panel enterprises, the overall volume of new orders for the enterprises remained on par with the previous month, as evidenced by the new orders index rising to the critical value of 50.0%.

On the supply side, the downward trend in wood-based panel production had lasted for eight months. This month, the production index registered 37.5%, a decrease of 7.8 percentage points from the previous month, still below the critical value of 50%. Due to the increasing risk of production overcapacity in the global wood-based panel industry, intensified market competition, and rising cost pressures on enterprises, a large number of wood-based panel enterprises had reduced production or ceased operations in recent months. 

In terms of prices, the purchase price index for raw materials registered 67.7%, above the critical value for 5 consecutive months. The rise in logistics costs and wood prices in countries such as Ghana had led to a continuous increase in the costs of raw material procurement for enterprises.

Main updates related to the wood-based panel market include: in October, Brazil's tropical plywood export value was US$1.2 million, a year-on-year decrease of 8%, while the export volume reached 2,100 cubic meters, up 24% year-on-year. Latest data from Japan's Ministry of Finance shows that in the January-August 2024 period, Malaysia recorded total plywood export volume to Japan at 394,800 cubic meters, while shipments from Indonesia, the second largest supplier, totaled 385,000 cubic meters.

GTI-Woodbased Panel (GTI-WBP) Report - November 2024.pdf