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Friday, May 20, 2022

Steel export revenue surges to record high

By Le Hoang

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HCMC – Vietnam’s steel export revenue reached nearly US$12 billion in 2021, the highest ever, skyrocketing by 124.3% year-on-year, according to the General Department of Vietnam Customs.

The country exported over 13 million tons of steel in 2021, up 32% year-on-year.

The general department attributed the upsurge in the steel export value to a 68% year-on-year increase in export steel prices.

On the import side, the country’s steel import bill reached 12.3 million tons in 2021, down 7.1% year-on-year. This is the first year that the steel export volume has surpassed that of imports.

In the 2011-2020 period, the average gap between the export and import volume was nine million tons per year. In 2016, the gap was recorded at 16 million tons.

Meanwhile, statistics from the Vietnam Steel Association indicated that Vietnam’s steel exports amounted to over 14 million tons, worth some US$12.7 billion last year. The Vietnamese steel products were shipped to 30 countries and territories.

The steel industry in the local market saw positive achievements in 2021 despite the Covid pandemic, according to the association.

With enhanced efforts of local steel exporters to ramp up steel exports, Vietnam topped the Southeast Asian countries in the highest steel export volume.

Speaking of the prospects of the steel industry in 2022, many firms said that the sector would gain a higher growth rate if the Government issued a long-term and stable directive to boost production and business activities and put the pandemic under control.

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