Vietnam steel import and export situation in August 2023
Steel NewsDate: 11-10-2023 by: Ngoc Cam
According to the General Department of Customs, Vietnam's total import and export value of goods in August 2023 reached 62.08 billion USD, an increase of 8.8% compared to July. Of which, the total amount of iron and steel imported and exported by Vietnam in the first 8 months of 2023, Vietnam reached 15.1 million tons with a turnover of 12.1 billion USD, exports reached 1 million tons of steel with a value of 703 million USD and imported 1.15 million tons of iron and steel of all kinds with a value of 849 million USD.
1. General assessment of Vietnam's import and export situation in August 2023
In August 2023, total import and export turnover of goods is estimated to reach 60.92 billion USD, up 6.7% compared to July and down 7.9% over the same period last year. In the first 8 months of 2023, total import and export turnover of goods is estimated at 435.23 billion USD, down 13.1% over the same period last year. Accordingly, there are 30 items with export turnover of more than 1 billion USD, accounting for 91.8% of total export turnover. There are 5 export items with more than 10 billion USD, accounting for 58.4% (electronics, computers and components; phones and components; machinery, equipment, other tools and spare parts; textiles and garments; shoes).
2. Vietnam steel export situation in August 2023
Regarding the structure of exported goods, the fuel and mineral goods group is estimated at 2.82 billion USD (accounting for 1.2%), the processed industrial goods group is estimated at 201.31 billion USD (accounting for 88.4%) , the agricultural and forestry product group is estimated to reach 17.87 billion USD (accounting for 7.9%); The seafood group is estimated to reach 5.71 billion USD (accounting for 2.5%).
According to data from the General Statistics Office, merchandise export turnover in August 2023 is estimated to reach 32.37 billion USD, an increase of 7.7% compared to the previous month, marking the fourth consecutive month of export turnover of Vietnam. Export items that recorded increased growth compared to the previous month include: electronic products, computers and components; phones and components, textiles, footwear; wood and wood products,...
The amount of iron and steel exported in August reached 1 million tons with a value of 703 million USD, an increase of 91.8% in volume over the same period last year and 53.4% in value. Regarding the market, cumulatively in the first 7 months of 2023 alone, Italy is still Vietnam's largest iron and steel export market with 1.05 million tons, followed by Cambodia with 657,262 tons and the US with 591,790 tons.
3. Vietnam's steel import situation in August 2023
In August 2023, Vietnam imported 1.15 million tons of iron and steel worth 849 million USD, an increase of 46.5% in volume over the same period last year. The main imported goods are hot rolled steel, bars, and non-alloy steel. Regarding the market, Vietnam imports the most iron and steel in China with a total output in the first 7 months of 2023 of 3.7 million tons, reaching 2.72 billion USD, followed by Japan with 1.1 million tons, Korea China reached 599,193 tons, Taiwan reached 404,107 tons.
4. Advantages of Vietnam's steel exports in the new context
Commenting on the steel export situation in the coming time, the Ministry of Industry and Trade said there will be many positive signals because inflation in major economies is showing a decreasing trend and consumption demand is gradually increasing.
Another favorable factor for exports in the last months of the year the US has a low inventory of goods, recorded at 20% in the first 6 months of the year but by August has decreased to 10% and is forecast to reach 0% by the end of 2023. At the same time, industrialized countries such as the United States, EU, UK,... continue to promote supply diversification strategies that will help Vietnamese iron and steel become an important export market in the global value chain.
In addition, Vietnam has an increasingly strong position in ASEAN with this region being the focus of influence of developed countries such as the EU building the Indo-Pacific strategy, the United States promoting IPEF negotiations, the UK successfully negotiating to join CPTPP,... These factors will create ideal conditions for Vietnam's steel export activities.
Vietnam's signing of free trade agreements (FTAs) with Europe and America continues to have a positive impact on trade and steel exports, especially in terms of incentives tax rate, anti-dumping 0%.
It is forecasted that in the coming time, under positive changes in the market economy, especially large countries will open up many steel export opportunities for Vietnam. If you have a need for Vietnam steel import and export data in August 2023, please leave your information to receive a FREE report file.
