Vietnam steel import and export situation in September 2023
Steel NewsDate: 14-11-2023 by: Ngoc Cam
According to the General Department of Customs, in September 2023, Vietnam imported 1.4 million tons of iron and steel worth 996 million USD, an increase of 9.1% in volume and 6.3% in value compared to August 2023. Steel exports showed a slight decrease, reaching 864,424 tons with a value of nearly 611 million USD, down 12.5% in volume and 13.5% in value compared to August 2023. However, compared to the same period last year, it still increased 63.3% in volume and 43.6% in value.
1. Steel consumption situation in September 2023
According to the Vietnam Steel Association (VSA), construction steel sales volume was recorded at its highest level in the first 9 months of 2023 with more than 958,000 tons, up 9% compared to August and up 4% over the same period in 2022.
Also in September 2023, construction steel production output reached 876,043 tons, down 6% compared to August 2023 and 20% compared to the same period last year. In the first 9 months of 2023, Vietnam's construction steel output reached 7,722 million tons, down 21.6% over the same period in 2022; Consumption output reached 7,738 million tons, down 20% over the same period in 2022. Of which, construction steel exports reach 344,766 tons, down 12.9% over the same period in 2022.
2. Steel import situation in September 2023
In September 2023, Vietnam imported 1.4 million tons of iron and steel with a value of 996 million USD. Compared to the same period last year, the volume and value increased by 89% and 40%, respectively. Accumulated in the first 9 months of 2023, Vietnam imported 9.33 million tons of iron and steel worth 7.53 billion USD, up 4.4% in volume but down 21.3% in value compared to the same period last year.
In the first 9 months of 2023, Vietnam imported 5.5 million iron and steel from China with a trade turnover of 3.88 billion USD, up 38% in volume but down 4.1% in value compared to the same period last year. The second largest steel import market is Japan with 1.46 million tons and a trade turnover of 1.11 billion USD, up 5.8% in volume and down 19.4% in value over the same period last year.
3. Steel export situation in September 2023
According to statistics from the General Department of Customs, Vietnamese steel export in September reached the lowest level in the past 7 months, reaching 864,424 tons with a value of nearly 611 million USD, down 12.5% in volume and 13.5% in value compared to August 2023.
In September, iron and steel exports to markets such as the EU, the United States and Southeast Asia (Cambodia, Indonesia, Malaysia) decreased. In contrast, exporting to India increased by 193.1% in volume and 147.9% in value, while Turkey increased 303 times in volume and 52 times in value.
Accumulated in the first 9 months of 2023, iron and steel exports reached more than 8.23 million tons worth nearly 6.3 billion USD, up 24.7% in volume but down 3.3% in value compared to the same period last year.
Regarding the market, Vietnamese steel exports to Singapore experienced a remarkable surge with the strongest increase among all types of exported goods. Specifically, the amount of iron and steel exported to Singapore in September reached 63,535 tons, an increase of 19,329% in volume.
Regarding HRC, in the first 9 months of 2023, Italy was Vietnam's main export market with 840,434 tons, followed by India with 386,841 tons.
4. Vietnam steel exports: Positive signs of recovery
Steel exports have had many notable changes. In the first 5 months of 2023, China imported a large amount of Vietnamese billet with 570,000 tons, an estimated increase of 763% in volume and 585% in value. Contributing to export growth is Hoa Phat with the export of more than 1 million tons of billet from the beginning of the year until now. Formosa Ha Tinh Steel Joint Stock Company also exported more than 1 million tons of steel products in the first 9 months of 2023 to the Chinese market.
In addition to the growth from the Chinese market, the Ministry of Industry and Trade also appreciates opportunities for international economic integration and cooperation. Thanks to the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Vietnam-EU Free Trade Agreement (EVFTA), Vietnam enjoys many preferential duty rates, contributing to boosting exports to new markets.
Vietnam's iron and steel industry recorded many positive increases in production and consumption in the first 9 months of 2023. Vietnam continues to be an important steel import market for many countries such as the United States, EU, Belgium, Italy, India, Mexico, Southeast Asia,... Don't forget to follow and read more articles updating the situation of the steel industry in Vietnam and the world at MRS Steel!
