In February 2026, the GTI-Woodbased Panel (GTI-WBP) Index registered 40.7%, a decrease of 2.9 percentage points from the previous month and below the critical value (50%) for six continuous months, indicating that in the pilot countries, the overall business prosperity of wood-based panel industry represented by the index shrank from the previous month.

On the demand side: Overall demand for wood-based panels continued to decline in the GTI-WBP pilot countries. This month, the new orders index came in at 39.1%, the export orders index at 35.6%, and the existing orders index at 35.9%. Factors such as weak housing markets in many countries weighed on demand for products such as plywood. At the same time, tariff barriers and exchange rate volatility added further pressure to an already subdued market environment. In response, some sample wood-based panel enterprises suggested exploring new markets and stepping up product marketing efforts.

On the supply side: This month, the production index for wood-based panels stood at 37.7%, down 7.1 percentage points from the previous month and below the 50% critical value for the sixth consecutive month, thus indicating an overall decline in output. Faced with persistently weak demand, WBP manufacturers proactively scaled back production to align with current market conditions. On a positive note, the inventory index of finished products dropped to 46.1%—the first time in the recent ten months it had fallen below the 50% critical value, suggesting that destocking efforts were beginning to pay off and that inventory pressure was easing.

From a price perspective: The purchase price index for raw materials stood at 51.7%, remaining above the critical value for a long time, indicating continued upward pressure on input costs. In addition, manufacturers also faced cost burdens from labor and taxation.

Main updates related to the wood-based panel market include: On February 25, the U.S. Department of Commerce announced its preliminary affirmative determinations in the antidumping duty investigations of hardwood and decorative plywood from China, Indonesia, and Vietnam, identifying dumping margins by the products. Data showed that U.S. imports of hardwood plywood from China had plummeted from approximately 2 million cubic meters in 2016 to just 52,800 cubic meters in 2025. And according to feedback from the Indonesian Focal Point, the country's plywood exports showed gradual improvement in February compared to January, driven notably by stronger demand from East Asian markets, however, its exports to the U.S. were temporarily restrained due to the ongoing U.S. CVD/anti-dumping investigation. In other news, Brazil’s tropical plywood export volume rose 22.0% year-on-year in January to 2,200 cubic meters, while export value surged 40.0% to US$1.4 million, reflecting a significant uptick in unit prices.

GTI-Woodbased Panel (GTI-WBP) Report - February 2026.pdf