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Rapport d'index GGSC-CN (Mai 2022)

In May 2022, the domestic epidemic in China has been well controlled, the industrial chain and supply chain have been gradually dredged, and the economic operation foundation has been improved. This month, China's PMI index registered 49.6%, an increase of 2.2 percentage points from the previous month, which is close to the mean value of PMI in the first quarter of 2022, indicating that the economic operation tends to recover. As a traditional manufacturing industry, the recovery of timber processing and manufacturing is worse than that of high-tech industry. The supply side and demand side are still relatively weak this month. In addition, some regions are affected by rainfall, and the production activities of enterprises are not active enough. The GGSC-CN comprehensive index for May registered 37.1% ( 65% for last May  and 56.1% for May  2020), a decrease of 2.9 percentage points from the previous month, and was below the critical value of 50% for three 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 June 2021 to May 2022 

Challenges 

Ø  The epidemic affects the supply of raw materials and auxiliary materials.

Ø  The price of chemical raw materials has increased significantly, resulting in high costs.

Ø  It is difficult to purchase high-grade European rubber raw materials.

Products in short supply 

Base material, European rubber.

Commodity of which the price has been increased 

European rubber,upper surface, urea, glue.


Commodity of which the price has been decreased 

Log core board, melamine.




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

The production index registered 35.7%, a decrease of 6.0 percentage points from the previous month,and being below the critical value of 50% for two 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 35.7%, an increase of 10.7 percentage points from the previous month, reflecting the ability of enterprises to obtain orders is worse than last month.Among them, the new export order index reflecting international trade registered 42.9%, an increase of 17.9 percentage points from the previous month, and still being below the critical value of 50%, but the continuous decline of export orders has slowed down.

The main raw material inventory index registered 35.7%, a decrease of 22.6 percentage points from the previous month. It shows that the raw material inventory of the superior forest products enterprises is less than that of last month.

The employment index registered 42.9%, a decrease of 7.1 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 35.7%, a decrease 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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