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Thursday, June 13, 2024

Vietnam steel exports to EU rise 55% in Jan-May

The Saigon Times

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HCMC – Despite woes on the local steel market, Vietnam’s steel exports to the European Union (EU) market grew a strong 55% in the first five months of this year.

According to the General Department of Vietnam Customs, businesses in the country exported a total of 4.38 million tons of steel in the first five months, a 10.4% increase compared to the previous year. Notably, Vietnam’s steel exports to the EU, consisting of 27 countries, reached 1.36 million tons, a significant surge of 55%.

Italy stands out as Vietnam’s largest steel buyer in the EU, importing nearly 696,000 tons, which is a remarkable 121% increase compared to the same period last year.

The Ministry of Industry and Trade anticipates favorable conditions for Vietnam’s steel exports to the EU as trade remedy regulations imposed on imported steel will be relaxed starting from July 1, 2023.

Under these new regulations, developing countries like Vietnam, China, India, Malaysia, and Brazil will be entitled to quota increases if their steel exports to the EU remain below 3% of the total import value for each product.

According to the Vietnam Steel Association, its member businesses had sold over 10.4 million tons of steel in the year up to May, experiencing a decrease of 19.3% compared to the same period last year. However, steel exports accounted for 3.2 million tons, reflecting a year-on-year rise of 2.6%.

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