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GGSC-CN Index Report (Sep 2020)

In September 2020, China's economic order has returned to normal, the resumption of work and production has been basically completed, and the macroeconomic environment has continued to improve. However, it’s still the traditional off-season for the wood industry, and the wood purchase volume of some factories is relatively low. Driven by the new orders in the past few months, the wood production and manufacturing in this month has maintained growth, and the situation of new orders, raw material inventory and employment remain the same as those of the previous month, and the international orders have recovered. The GGSC-CN comprehensive index for September registered 51.6% (55.3% for last September and 63.0% for September 2018), an increase of 4.5 percentage points from the previous month, back to the expansion trend. It shows that the operation of the superior forest products enterprises represented by GGSC-CN index boom from last month. See Figure 1 for more details.



Figure 1 GGSC-CN index trend from October 2019 toSeptember2020

Challenges

Ø The quantity of log is reduced and the quality is getting worse and worse, resulting in the shortage of good raw material.

Ø Due to the slow maintenance progress and serious blockage caused by the company's road construction, the logistics distribution is not smooth and the production and sales are affected. It is suggested to speed up the repair progress.

Ø Less wood supply and higher price result in higher cost.

Ø In the off-season of wood acquisition, the quantity of wood purchased by some factories is low, which can barely meet the demand of production.

Products in short supply

Log, Chemical raw materials, Thermo Wood

Commodity of which the price has been increased

Urea,Formaldehyde,Wood raw materials

Commodity of which the price has been decreased

Teak, Melamine, Taun



As for the GGSC-CN index, in September 2020, four out of five sub-indexes of GGSC-CN index rose and one flat.

The production index registered 56.3%, an increase of 6.3 percentage points from the previous month, comes to an end of expansion trend again. It shows that the production of superior forest products enterprises represented by GGSC CN increased in September from last month.

The new order index registered 50.0%, same as the previous month,reflecting the ability to obtain orders is almost same as last month. Among them, the new export order index reflecting international trade registered 56.3%, an increase of 29.0 percentage points from the previous month,, showing that orders from abroad this month has sharply increased in September from last month.

The main raw material inventory index registered 50.0%, an increase of 13.6 percentage points from the previous month. It shows that the raw material inventory of the superior forest products enterprisesis almost same as last month.

The employment index registered 50.0%, an decrease of 4.6 percentage points from the previous month. It shows that the employment of the superior forest products enterprises is almost same as last month.

The supplier delivery time index was 50.0%, an decrease of 4.6 percentage points from the previous month. It indicates that the supply time of raw material suppliers of the superior forest product enterprises is almost same as last month.


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