1. PRODUCTION AND EXPORT PERFORMANCE
Navico’s July export turnover reaches USD 11.8 million (up 25.4% yoy). Currently, all purchase orders for August and September have fulfilled our factories productivity. It is expected that quantity will continue to increase in the next several months.
2. RAW MATERIAL AND SELLING PRICE
Raw material has signs of recovery when the price has picked up from VND 19,500 per kg in July to VND 22,000 per kg in the beginning of August. This price range is expected to be well maintained and gradually increase till year end. Besides, Navico’s selling price to our customers has also increased compared to the previous months.
3. CHANGES OF CHINA YUAN
On August 5th, 2019, China depreciated their Yuan currency and leads to the decrease of 1.5% of this currency. This is the first time that it takes more than 7 Yuan for 1 USD. Although this depreciation might affect export performance, our Fenglei partner from China is still sending large quantity purchase orders that Navico can hardly match all of it. Navico expects that export quantity to China will keep increasing, especially when Binh Phu Farming Site goes to harvest by the end of this year.