Vietnam’s steel exports rake in US$2.53 billion in 7 months

Vietnam’s steel exports rose 40.4% year on year to 3.41 million tonnes in the first seven months of the year, raking in US$2.53 billion, up 56.3%.

vietnam’s steel exports rake in us$2.53 billion in 7 months hinh 0
Vietnam’s steel exports rose 40.4% year on year to 3.41 million tonnes in the first seven months of the year. (Photo: vneconomy.vn)
According to the Ministry of Industry and Trade, Cambodia was the largest importer of Vietnamese steel during the January-July period, accounting for 37% of the total steel export volume.

The country’s steel exports to Cambodia increased by 49% in volume and 77.9% in value over the same period last year, reaching 717,572 tonnes, equivalent to US$462.73 million. 

Some 532,779 million tonnes were shipped to the US for US$452.81 million, increasing by 71.6% in volume and 81.7% in turnover.

Shipments to Malaysia escalated 88.5% in volume and 108.6% in value to reach 391,607 tonnes, or US$266.98 million. 

Indonesia splashed out US$295.33 million purchasing 372,514 tonnes of Vietnamese steel, up 22.3% in volume, and 33% in value.

However, steel exports declined sharply in the following markets: Switzerland (down 96 percent in turnover), Saudi Arabia (down 63.4% in value), and Pakistan (down 45.6% in value). 

During the period, steel export price increased by 11.3% to reach average US$742.8 per tonne. Of which, exports to Hong Kong reached the highest rate with US$2,995.8 per tonne, up 33.4%. Some markets also enjoyed good prices such as Switzerland, Turkey, China and Ukraine.

In contrast, exports to Taiwan have the lowest price of US$556.7 per tonne, a year-on-year decrease of 14%.

Although the steel sector has witnessed thriving exports, it is struggling to cope with trade defence lawsuits in the context of growing protectionism. From July 16 to August 9, the sector faced anti-dumping lawsuits in many foreign countries such as Thailand, the EU, Canada, Malaysia, the US, the Eurasian Economic Union, and India.

Particularly, within only a week (July 27 to August 2), the US launched two investigations into the avoidance of paying anti-dumping and anti-subsidy taxes on corrosion-resistant steel and cold rolled steel from Vietnam.

As of the end of June, local steel products were the target of 37 anti-dumping lawsuits among 78 trade remedy lawsuits against Vietnamese exports from the outset of the year.

Chairman of the Vietnam Steel Association (VSA) Ho Nghia Dung said that improving competitive capacity to expand export markets and understanding of international trade regulations are significant for Vietnamese steel firms to respond to trade defence lawsuits.

The association recommended the state to enhance the use of trade defence tools to protect domestic steel production.
VNA

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