Steel imports skyrocket to all-time high
(VOV) - Steel imports into Vietnam are rising dramatically and in the four months leading up to May surged 30% year-on-year to a record high, according to the Vietnam Industry and Trade Information Centre (VITIC).
For the January-April period, Vietnamese businesses imported nearly 4 million tonnes of steel valued at US$2.3 billion, up 30.14% in volume and 11.16% in value against the corresponding period for last year.
Of the figure, 58% or 2.3 million tonnes were imported from China, an increase of 79.63% in volume followed by Japan with 735,000 tonnes at US$407 million, up 2.71% in volume but down 11.07% in value.
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The General Department of Vietnam Customs in turn reported that exports of steel by Vietnamese steel manufacturers for the four month period dipped 14.15% in volume and 15.16% in value to 779,000 tonnes at US$576 million.
Cambodia was the leading export market with 241,000 tonnes at US$142 million, a rise of 7.29% on volume but a fall of 4.72% in value.
Indonesia came second with 175,000 tonnes at US$138 million, up 23.38% in volume and 20.37% in value.