ASEAN and EU emerge as largest importers of Vietnamese steel

Statistics show Vietnam exported 11.1 million tonnes of steel products worth US$8.35 billion last year, representing an increase of 32.6% in volume and 4.5% in value compared to 2022.

ASEAN took the lead among major Vietnamese export markets with 3.5 million tonnes worth US$2.4 billion, down 1.1% in volume and 17.1% in value compared to the previous year.

The EU market ranked second with 2.55 million tonnnes worth US$1.89 billion, up 86.2% in volume and 29.0% in value.

Moreover, Vietnam raked in UD$851.9 million from exporting 1.08 million tonnes of steel to the United States, up 58.8% in volume and up 1.2% in value compared to the previous year.

Most notably, exports to India skyrocketed with 967,600 tonnes worth US$715.2 million, up 416.6% in volume and 319.3% in value, while iron and steel exports to the UK market reached 212,600 tonnes worth US$181.6 million, up 70.3% in volume and up 16.6% in value.

Meanwhile, steel exports to China continued to witness a downward trajectory with 5,580 tonnes worth US$8.7 million, down 94.4% in volume and down 86.6% in value.

The country’s main export steel products in 2023 were rolled steel, galvanized steel, steel bars, steel plates, and colour-coated steel.

Industry insiders says there are bright prospects ahead for the steel industry this year, especially as Vietnamese exports have thrived in the first four months of the year.

The country grossed more than US$3 billion from exporting over four million tonnes of steel in the reviewed period, up 25.8% in volume and up 20.7% in value from the corresponding period last year.

Source: VOV