Vietnam’s steel exports reach US$2.53 billion in seven months

10:16 | 24/08/2018 Industry

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%.

Cambodia was the largest importer of Vietnamese steel during the January-July period - Illustrative image

According to the Ministry of Industry and Trade, Cambodia was the largest importer of Vietnamese steel during the January-July period, accounting for 37 pct of the total steel export volume.

The country’s steel exports to Cambodia increased by 49 pct in volume and 77.9 pct 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 pct in volume and 81.7 pct in turnover.

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

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

During the period, steel export price increased by 11.3 pct 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 pct. Some markets also enjoyed good prices such as Switzerland, Turkey, China and Ukraine.

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.

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.