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GGSC-CN Index Report (February 2022)

In February 2022, with the end of the Spring Festival, all workers have resumed work and production one after another, driving the release of relevant market demand. China's PMI index registered 52.9%, an increase of 0.1 percentage points from the previous month, operating in the expansion range (above 50%) for 4 consecutive months, indicating that the macro economy has maintained stable operation. This month, the development of timber production and manufacturing industry continued its steady development trend, industrial demand rebounded as a whole, enterprise production remained rising, and the prices of main raw materials fell for four consecutive months. The GGSC-CN comprehensive index for February registered 52.9% ( 37.5% for last February and 14.1% for February 2020), an increase of 2.7 percentage points from the previous month, and was above the critical value of 50% for two months. It shows that the operation of the superior forest products enterprises represented by GGSC-CN index expand from last month. See Figure 1 for more details.



Figure 1 GGSC-CN index trend from March 2021 to February 2022 

Challenges 

Ø  Pinus sylvestris log was restricted by Russia's export and was forced to change other tree species.

Ø Wood resources are scarce and the supply problem is serious.

Products in short supply 

Merbau,Teak, Base material, Cumaru,Oak


Commodity of which the price has been increased 

Teak, Cumaru,Oak,panel,solid wood, leather, sponge, paint, paperboard, glue, miscellaneous firewood, base material, paraffin.


Commodity of which the price has been decreased 

Taun,fiberboard, cloth, glass, melamine, urea, formaldehyde




As for the GGSC-CN  index, in February 2022, four sub-indexes of GGSC-CN  increase , one decrease.

The production index registered 53.9%, an increase of 3.9 percentage points from the previous month, and above 50% after four months. It shows that the production of superior forest products enterprises represented by GGSC CN is more than that of last month.

The new order index registered 57.7%, an increase of 4.1 percentage points from the previous month, reflecting the ability of enterprises to obtain orders is better than last month.Among them, the new export order index reflecting international trade registered 46.2%, an increase of 3.3 percentage points from the previous month,, showing that orders from abroad this month is decreased from last month.

The main raw material inventory index registered 42.3%, an increase of 3.0 percentage points  from the previous month. It shows that the raw material inventory of the superior forest products enterprises is less than that of last month.

The employment index registered 46.2%, an i crease of 3.3 percentage points  from the previous month. It shows that the employment of the superior forest products enterprises is less than that of last month. 

The supplier delivery time index was 57.7%, a decrease of 3.0 percentage points from the previous month. It indicates that the supply time of raw material suppliers of the superior forest product enterprises is much more quickly than last month.

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