Chun Yu Reports 8.01% Drop in August Revenue Due to US-China Trade War
Influenced by US-China trade war, the consolidated revenue of Taiwanese leading fastener manufacturer, Chun Yu, was recorded at NTD 0.791 billion in August, down 8.01% from the same period last year. However, as some Taiwanese investors have recently returned to Taiwan to set up their new factories, which greatly strengthened the demand for construction screws for steel structures, Chun Yu’s domestic sales in Taiwan in August increased by 8% compared to the statistics in July and were also 38% up from the same period last year. The cumulative revenue in the first 8 months of 2019 reached NTD 6.234 billion. Although the result was a 3.2% drop from the same period last year, the trend still remains stable.
In addition, Chun Yu’s sales to China in August was 9.5% up from July, sales to Indonesia was up 14.78% and sales to USA was up 7.06%. It is expected that the global market will continue to be volatile due to US-China trade war. According to Chun Yu, the markets in Indonesia and USA may continue to get better, but more time will be required to evaluate the markets in China and Europe.