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GGSC-CN Index Report (October 2022)

 In October 2022, the impact of the pandemic is expanded, and the demand of manufacturing industry is decreased. Due to the long-term persistence and superposition of multiple difficulties, China's macroeconomic growth is still under great pressure. This month, China's PMI index registered 49.2%, a decrease of 0.9 percentage points from the previous month, being below the critical value of 50%. The overall production of the timber processing manufacturing industry is increased, the orders and production are less than the previous month, and the orders and export orders of enterprises are decreased. The GGSC-CN comprehensive index for October registered 46.8% (57.2% for last October and 44.2% for October 2020), a decrease of 2.3 percentage points from the previous month and was below the critical value. 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 October 2021 to October 2022


Challenges

Lack of raw materials

Declining quality of raw materials

Rare materials are out of stock

Incomplete industry chain

Commodity of which the price has been increased


Veneer, oak blank, teak, black walnut, eucalyptus, methanol, paraffin, melamine, water repellent.

Commodity of which the price has been decreased



OKAN, Taun, Teak, Depetryx, black walnut, birch.

Brazilian luan hematoxylin board, Brazilian Taoali board, hickory log, core board, miscellaneous firewood, pine wood, eucalyptus firewood.



    As for the GGSC-CN index, in October 2022, three sub-indexes of GGSC-CN increased, and two decreased.

The production index registered 48.2%, a decrease of 1.9 percentage points from the previous month and being below the critical value of. It shows that the production of superior forest products enterprises represented by GGSC CN is decreased the previous month.

    The new order index registered 46.3%, a decrease of 7.9 percentage points from the previous month and being below the critical value, reflecting the ability of enterprises to obtain orders is worse than the previous month. The new export order index reflecting international trade registered 38.9%, a decrease of 0.6 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 46.3%, an increase of 0.5 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 46.3%, an increase of 0.5 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 50.0%, an increase of 2.1 percentage points from the previous month. It indicates that the supply time of raw material suppliers of the superior forest product enterprises is the same with the previous month.


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