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            Particleboard exports to Vietnam and Peru surged 149   China’s wooden furniture exports to the top three countries,
          percent and 303 percent respectively from January to   the US, UK and Australia at more than US$1 billion accounted
          September 2025.                                    for less than 40 percent of the national total in the first three
            China has exported particleboard to Asia, Africa and Latin   quarters of 2025.
          America markets aided by the development of the Belt and   China’s  wooden  furniture  exports  to  Australia,  Japan,
          Road initiative.                                   South Korea, France and Singapore dropped four percent, five

            The demand for lower cost particleboard in Asia, Africa   percent, 27 percent, six percent and three percent respectively
          and Latin America has increased which drove China's export   from January to September 2025.
          of particleboard to these countries in recent years.  In contrast,  China’s  wooden furniture exports  to UK,
                                                             Canada, Germany, Netherlands and Malaysia grew seven
          Surge in fibreboard exports to Vietnam             percent, 0.1 percent, two percent, 16 percent and 18 percent
          China’s fibreboard exports to Vietnam, the largest destination,   from January to September 2025.
          surged over 120 percent to 501,000 tonnes from January to
          September 2025.                                    Russian timber company plans processing plant in
            China’s fibreboard exports to Saudi Arabia, Mexico, UAE   Shanghai

          and Canada rose 10 percent, 24 percent, 26 percent and 20   A major Russian group has signed an agreement with the
          percent respectively from January to September 2025.   Shanghai Lingang Economic Special Zone under which it
            In contrast, China’s fibreboard exports to Nigeria and US   plans to build a cluster integrating manufacturing and logistics
          fell one percent and nine percent respectively from January   within the zone in 2026.
          to September 2025.                                    The plan includes a consumer goods packaging factory
            China’s fibreboard exports to the vast majority of the top   in the special zone as well as a production and distribution
          seven markets rose at different rates resulting in an increase   centre for birch plywood.

          in the total national fibreboard exports.             This project aims to expand the Group’s business in China
                                                             and other markets in the Asia-Pacific region and to reduce
          Decline in wooden furniture exports                logistics costs and simplify international payment procedures.
          According to Customs data, from January to September 2025   The investor has traditionally exported a significant portion
          wooden furniture exports fell seven percent to US$16.69 billion   of its products to China. Sales in the Chinese market include
          over the same period of 2024.                      paper, solid wood products and plywood.
            The US was the largest market for China’s wooden furniture
          exports. 25 percent of China’s wooden furniture was exported
          to US from January to September 2025, down 18 percent                                               Freerange Stock

          over the same period of 2024.
            Due to the impact of the tariffs in the US the total export
          value of China’s wooden furniture and the value of wooden
          furniture exported to the US fell significantly from January to
          September 2025.
            China’s wooden furniture is exported to more than 200
          countries and furniture destination are scattered. The value of
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