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GGSC-CN Index Report (September 2022)

 In September 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 registered 50.1%, an increase of 0.7 percentage points from the previous month, rise above the critical value of 50% after two months, indicating a recovery trend of the economic. The overall production of the timber processing manufacturing industry has increased, the orders and production are better than the previous month, and the orders and export orders of enterprises have decreased. The GGSC-CN comprehensive index for September registered 49.7% (48.2% for last September and 51.6% for September 2020), a decrease of 1.7 percentage points from the previous month and was below the critical value of 50%. It shows that the operation of the superior forest products enterprises represented by GGSC-CN index is declined from last month. See Figure 1 for more details.


Figure 1 GGSC-CN index trend from September 2021 to September 2022


    Challenges
    Increasing cost
    Declining quality of raw materials
    Rare materials are out of stock
    Few platforms, need to find sources of goods

    Products in short supply
    Oak grade A, European oak grade AB, black walnut, high-grade oak, high-grade oak, white birch. 

    Granules, sub-flower pear blanks.
    Commodity of which the price has been increased
    Hardware, metal, particleboard, urea, melamine, paraffin, water repellent, glue.
    The solid wood veneer is mainly reflected in the customized veneer of the whole house.
    Merbau blanks, wood seed blanks for the floor part, impregnated wood grain paper.
    Commodity of which the price has been decreased
    Formaldehyde-free glue, core board, impregnated paper, kraft paper, blank.
    Panlongan, Diptera, Robinia locust, disc bean, oak, solid rosewood, oak logs.


    As for the GGSC-CN index, in September 2022, one sub-indexes of GGSC-CN increase, one flat and three decrease.

    The production index registered 50.0%, which was the same as the previous month and remained at the critical value. It shows that the production of superior forest products enterprises represented by GGSC CN is basically the same as the previous month.

    The new order index registered 54.1%, a decrease of 1.39 percentage points from the previous month, and being above the critical value of 50%, reflecting the ability of enterprises to obtain orders is better than the previous month. Among them, the new export order index reflecting international trade registered 39.47%, a decrease of 17.67 percentage points from the previous month, and the number of export orders was decreased from the previous month.

    The main raw material inventory index registered 45.83%, an increase of 1.39 percentage points from the previous month. It shows that the raw material inventory of the superior forest products enterprises is decreased from the previous month.

    The employment index registered 45.83%, a decrease of 9.72 percentage points from the previous month. It shows that the employment of the superior forest products enterprises is less than the previous month.

    The supplier delivery time index was 47.92%, an increase of 3.47 percentage points from the previous month. It indicates that the supply time of raw material suppliers of the superior forest product enterprises is slowly than the previous month.


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