Steel and iron exports rise to over US$1 billion

According to the General Department of Vietnam Customs, Vietnam's iron and steel exports in July surged by 4.7 per cent in comparison with last month’s figure, bringing the total export turnover in the seven-month period to US$1.93 billion, a year-on-year rise of 14.7 per cent.

July also saw an increase in the export of steel products after they had suffered a decline for three consecutive months.

The US remains the largest importer of domestic iron and steel products, accounting for 19.5 per cent of total turnover and reaching US$378.31 million. It was followed by the US, Japan, India, Thailand, and the Republic of Korea.

The country enjoyed positive growth of iron and steel exports to all major markets, except for Thailand during the reviewed period. Apart from the US and Asian markets, European nations also recorded strong export growth.

Of the figure, exports to the Swedish market underwent significant growth of 206.85 per cent against the same period last year, while exports to the Norwegian and UK markets also skyrocketed.

Despite growth in the European markets, exports to Myanmar plummeted by 49.53 per cent to US$33.39 million against last year's same period.