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Monday, July 22, 2024

Vietnam’s steel exports to China nosedive

By Le Hoang

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HCMC – China is no longer a major export market for Vietnamese-made steel, as revenue from steel shipments to the northern neighbor has plummeted, the General Department of Vietnam Customs reported.

Vietnam exported 514,000 tons of steel in August, with a total value of around US$458 million, down 16.3% in volume and 29% in revenue over July. This revenue was a record low since June 2020.

The country’s steel exports reached 5.9 million tons and brought US$6.08 billion, a drop of 30.3% in quantity and 13.4% in earnings over the same period last year. 

Of this, steel exports to China plunged in January-August, down 95% in volume and turnover against the same period last year, with 93,400 tons and US$55 million.

Steel exports to the neighboring country had declined by 1.65 million tons and US$1 billion in the year to end-August, eliminating it from the 10 largest export markets for Vietnamese steel.

Meanwhile, in the first eight months, steel exports to other major markets, such as Europe and the United States, turned volatile. The past two months have seen a sharp plunge in steel sales to these markets.

According to the General Department of Vietnam Customs, steel exports to the U.S. between January and August decreased 15.6% to 453,000 tons, while exports to the European market edged up 0.8% to 1.13 million tons.

Some 2.45 tons of steel has been exported to Southeast Asian markets, bringing US$2.15 billion, an 8.7% decrease in volume but a 4.5% increase in revenue over the same period last year.

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