Australia's forest industry has been growing for four consecutive years. China continues to be a key import and export market for Australian forestry, accounting for more than 1/4 of imports and nearly half of exports, and contributing most of the export growth.
According to the latest report "Australian forestry and timber products data: march and fourth quarters of fiscal year 2018" released by Australian bureau of agriculture, water resources and economics (ABARES), it is estimated that the national timber cutting volume increased by 9% year on year to reach 33 million cubic meters in fiscal year 2017/18, reaching a record high.The total value was a $2.5bn, up 12 per cent.
Meanwhile, overseas demand is booming and exports of timber products, mainly logs, printing paper and various forest products, are soaring, hitting a record a $3.4 billion, up 9% year-on-year
Australian timber imports fell 4 per cent to a $5.3bn in the last fiscal year.Australia's trade deficit in timber products fell to a $2bn, the lowest in six years.According to the report, one quarter of Australia's timber exports in the last fiscal year were to the Chinese market, and its timber products were in a trade surplus with China
In fiscal year 2018, China's market demand increased significantly.Nearly 50% of Australia's timber exports went to China, with a total value of more than 1.6 billion Australian dollars, up 18% year on year.