Vietnam’s Steel Exports To The EU And The U.S. Have Increased Significantly

Vietnam’s “Customs Online” reported on October 21 that according to data released by the General Administration of Customs of Vietnam, Vietnam exported 1.36 million tons of steel in September this year, with an export value of US$1.4 billion.

Although exports are at a relatively high level, the export volume and export value have both declined month-on-month, down 11.7% and 4.3% respectively.

According to the statistics of the General Administration of Customs of Vietnam, this is the third consecutive month that steel exports exceeded US$1 billion per month.

In the third quarter alone, Vietnam’s steel exports reached a record US$3.93 billion, an increase of 94.6% over the first quarter of this year and an increase of 57.7% over the second quarter of this year.

As of the end of the third quarter, the export of various types of steel was 9.86 million tons, an increase of 41% year-on-year, and the export value was US$8.43 billion, an increase of 130.9% year-on-year, with a net increase of US$4.78 billion.

All kinds of steel are mainly exported to ASEAN, China, EU and US markets.

Exports to Asia are on a downward trend, but in the EU and US markets, the increase is significant.

As of the end of September, steel exports to ASEAN exceeded 3 million tons, a year-on-year decrease of 1.7%; exports to China reached 2.12 million tons, a year-on-year decrease of 16.2%.

The export to the EU was 1.7 million tons, an increase of 7.5 times; the export to the United States reached 665,000 tons, an increase of 4.5 times.