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GGSC-CN Index Report (July 2022)

In July 2022, the impact of sporadic epidemics has risen from time to time. Problems such as demand contraction are still accumulating in many industries. Multiple difficulties persist and overlap for a long time. China's macroeconomic growth is still under great pressure. This month, China's PMI index registered49.0%, adecrease of1.2 percentage points from the previous month, back tobelow the critical value of 50%, indicating the economic endogenous downward pressure is large. As the wood industry enters the off-season, the overall production and manufacturing of the wood is not strong enough, and  the orders on hand of enterprises are continuously consumed, and the export orders are still not improved. The GGSC-CN comprehensive index forJuly registered 31.7% (47.7% for lastJuly  and 56.9% forJuly 2020), an increase of1.0 percentage points from the previous month, and was below the critical value of 50%for five months. It shows that the operation of the superior forest products enterprises represented by GGSC-CN index shrink from last month. See Figure 1 for more details.


 

Figure 1 GGSC-CN index trend from July 2021 toJuly 2022

Challenges

None.

Products in short supply

Maidu, Asian Pear.

Commodity of which the price has been increased

Methanol, Melamine.

Commodity of which the price has been decreased

Chiorophra spp, Taun, Fiberboard for floor substrate, Miscellaneous wood, Eucalyptus wood, Pine wood, Urea, Melamine ,Phenol, Formaldehyde



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

The production index registered 8.3%,a decrease of 27.4 percentage points from the previous month,and being below the critical value of 50% for four months. It shows that the production of superior forest products enterprises represented by GGSC CN is less than that of last month.

The new order index registered 33.3%, an increase of 21.4 percentage points from the previous month, and being below the critical value of 50% for five months, reflecting the ability of enterprises to obtain orders is worse than last month. Among them, the new export order index reflecting international trade registered 25.0%, a decrease of 3.6percentage points from the previous month,decline of export ordersneeds to be paid attentions.

The main raw material inventory index registered 50.0%, an increase of 21.4 percentage points from the previous month. It shows that the raw material inventory of the superior forest products enterprises is almost same as that of last month.

The employment index registered 41.7%, an increase of 6.0 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 41.7%, an increase of 6.0 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 slowly than last month.


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