Vietnam steel import and export situation in July 2023
Steel NewsDate: 31-08-2023 by: Ngoc Cam
According to a report by the General Department of Vietnam Customs, the total import and export value of Vietnam's goods in July reached 57.97 billion USD, up 2.3% compared to June 2023. The total export value reached 30.07 billion USD, up 2.1% and the total import value reached 27 billion USD, up 2.4%. The export value of iron and steel of all kinds increased by 118 million USD, and the import of iron and steel in July increased by 66 million USD.
1. General assessment of Vietnam's import and export situation in July 2023
According to data from the General Department of Customs, the total import-export value of Vietnam's goods in July 2023 reached $374.36 billion, down 13.8% over the same period last year. In which, the total export value was 195.42 billion USD, and the total import value was 178.95 billion USD.
Regarding the export market, the United States still holds the No. 1 position with an estimated turnover of 52.4 billion USD. In the first 7 months of 2023, the trade surplus to the US was estimated at 44.3 billion USD, down 24.1% over the same period last year. In addition, the EU and Japanese markets,... are also significant partners of Vietnam with a trade surplus to the EU estimated at 16.4 billion USD, and a trade surplus to Japan reached 0.9 billion USD.
Regarding the import market, China is still the largest partner of Vietnam with a total estimated turnover of 58.6 billion USD. Besides, the trade deficit from Korea reached 15.5 billion USD, down 25.1%, and the trade deficit from ASEAN was 5 billion USD, down 35.3%.
2. Vietnam's steel export situation in July 2023
The total value of Vietnam's exports in the 2nd period of July 2023 reached 16.18 billion USD, up 17.2% compared to the 1st period of July 2023, fluctuated in a number of commodity groups such as phones of all kinds and components increased by 1.16 billion USD (equivalent to an increase of 70.6%), machinery, equipment, tools and spare parts increased by 351 million USD (equivalent to a rise of 22.1%), textiles and garments increased by 169 million USD (equivalent to an increase of 1.16 billion USD). 10.9%), iron and steel of all kinds increased by 118 million USD (equivalent to 38.4%).
The export of HRC products in July 2023 is estimated at 346 thousand tons. The high output of hot rolled coil in the past month was thanks to the positive signal of HRC demand in the market, especially in Europe and Asia. Besides, Vietnam also takes advantage of commitments in the FTA Agreement and Certificate of Origin to open more export markets for iron and steel products. According to the Ministry of Industry and Trade, steel exports to the EU markets have made many positive developments thanks to the change in trade remedy policies effective from July 1, 2023.
3. The situation of Vietnam's steel imports in July 2023
According to the General Department of Customs, the total value of Vietnam's imported goods in the 2nd period of July 2023 reached 13.5 billion USD, up 0.9% compared to the first half of July. The items that increased the most were mobile phones of all kinds and components, which increased by 132 million USD (46%). Machinery, equipment, tools, and spare parts increased by 139 million USD (equivalent to 8.2%), maize by 72.6 million USD (equivalent to increased by 139%), iron and steel of all kinds increased by 66 million USD (corresponding to 17%), pharmaceuticals increased by 46.6 million USD (equivalent to 38.4%).
Currently, Vietnam still imports iron and steel from China, Japan, and South Korea with key product lines such as flat-rolled products of iron or nonalloy steel, scrap steel, wire of iron or nonalloy steel, in coils (excluding bars and rods),…
4. Vietnam has stepped up negotiations and signing of agreements, commitments, and associations
According to the Ministry of Industry and Trade, the decline in steel imports and exports in the first 7 months of 2023 is because significant export partners of Vietnam such as the United States and the EU reduce investment in real estate construction works. ...Besides, the price of export goods tends to decrease sharply, such as iron and steel, down 24.8%. In addition, the reopening of China also increases competitive pressure on Vietnam's exports of the same type.
In the coming time, the Vietnamese government plans to step up negotiations and sign new agreements, commitments, and trade links to diversify markets, products, and supply chains and boost exports. At the same time, the Ministry of Industry and Trade also strengthens early warning of trade remedy lawsuits and guides measures to respond to investigations to protect the interests of manufacturers and importers.
