Vietnam's steel exports from January to September increased by 41% year-on-year
Vietnam’s steel exports increased year-on-year in September and the first nine months, due to weak domestic purchases caused by the lockdown in response to the epidemic, and increased demand from ASEAN, the United States, and Europe.
According to data from the General Administration of Customs of Vietnam, the country exported 1.36 million tons of steel in September, a year-on-year increase of 32%, and exports exceeded imports by 67%. Vietnam Hefa Group stated that the company’s exports of finished steel products grew strongly in September. In the first nine months of this year, Vietnam’s steel exports reached 9.86 million tons, an increase of 41% year on year. The main driving force was the increase in demand for steel in foreign markets, while domestic purchases were hampered by blockade restrictions.
China is the main export destination of Vietnam’s steel exporters. From January to September, it exported 2.12 million tons of steel to China, but it was 16.2% lower than the same period last year. From January to September, Vietnam’s steel exports to ASEAN countries increased. Among them, steel exports to the Philippines, Indonesia, and Malaysia increased by 64.5%, 20.4%, and 19.6% respectively.
In addition, Vietnam has also increased its steel exports to the European Union and the United States, mainly flat sheets. From January to September, Vietnam’s steel exports to the United States increased by about 5 times year-on-year to 665,000 tons. In addition, Vietnam’s steel exports to some European countries are also higher than its exports to ASEAN countries. Due to the competitive price, Vietnam’s steel exports to Belgium and Italy increased 9 times (to 614,000 tons) and 17 times (to 429,000 tons) respectively. However, according to Vietnam Customs data, the country’s steel exports to Thailand fell to 372,000 tons in the first nine months, down 30% year-on-year.
From January to September, Vietnam’s steel imports fell by 6% year-on-year to 9.69 million tons; monthly imports were 814,000 tons, down 3.2% month-on-month.
(Source: World Metal Herald)