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GGSC-CN Index Report (Oct 2020)

In October 2020, China's economy continued to recover, but the world ushered in the second wave of epidemic, and some European countries (such as Britain, France, etc.) implemented the measures of sealing off their countries. In China, orders and production of wood manufacturing industry showed a weak state, demand and supply weakened, and the import of main raw materials still maintained an increasing trend.The GGSC-CN comprehensive index for October registered 44.2% (48.9% for last October and 61.6% for October 2018), a decrease of 7.4 percentage points from the previous month, back to  the shrink trend. 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 November 2019 to October 2020

Challenges

Ø Poor quality of logs results in shortage of good raw materials procurement.

Ø The supply of raw materials is unstable, and early warning mechanism needs to be established.

Products in short supply

Black walnut, Black locust, Thermo Wood

Commodity of which the price has been increased

Chinese fir, Taun, OKAN, Teak, Robinia pseudoacacia, Urea, Decorative paper, Epoxy acrylate resin.

Commodity of which the price has been decreased

Oak


As for the GGSC-CN  index, in October 2020, one out of five sub-indexes of GGSC-CN index rose,two flat,two decrease.

The production index registered 33.3%, a decrease of 22.9 percentage points from the previous month, comes to an end of  shrink trend again. It shows that the production of superior forest products enterprises represented by GGSC CN decreased in September from last month.

The new order index registered 41.7%, a decrease of 8.3 percentage points from the previous month. Among them, the new export order index reflecting international trade registered 50.0%, a decrease of 6.3 percentage points from the previous month,, showing that orders from abroad this month has  is almost same as last month.

The main raw material inventory index registered 58.3%, an increase of 8.3percentage points  from the previous month. It shows that the raw material inventory of the superior forest products enterprises is increased in October from last month.

The employment index registered 50.0%, same as 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%, same as 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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