The European Union is on the top of the world’s largest steel importer. In year-to-date 2019 (through March), further referred to as YTD 2019, the E.U. imported 11.2 million metric tons of steel, a 3 percent decrease from 11.5 million metric tons in YTD 2018. The volume of the E.U.’s steel imports in 2018 was nearly 50 percent larger than that of the world’s largest individual importer, the United States as International trade administration said.
The top 10 source countries for the European Union’s steel imports in YTD 2019 are Turkey, Russia, Ukraine, China, South Korea, Brazil, Indina Taiwan, Serbia and Belarus.
Vietnam has not been in this list yet. However, the steel products that Vietnam’s exports to the EU rated 20% compared to Vietnam’s global exports according to Vietnam Customs and it will be higher in next years with the new agreement between European and Vietnam.
Vietnam’s National Assembly on June 8 ratified the European Union Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) paving the way for it to take effect sometime in July or August this year.
The EVFTA is an ambitious pact providing almost 99 percent of the elimination of custom duties between the EU and Vietnam. As per the Ministry of Planning and Investment (MPI), the FTA is expected to help increase Vietnam’s exports to the EU by 42.7 percent by 2025. While the European Commission has forecast the EU’s GDP to increase by US$29.5 billion by 2035.
With these points, Vietnam is going to be in the top best sources and
even the most considerable supplier for EU Importers in the following years, also with many strengths as: EU production lines, competitive price for cheap labor and transportation cost.
To import coated steel with reliable material, high quality and competitive price or have more information about Vietnam Steel Mill, please contact directly as bellows:
Mr. Elena – Export Executive
Mobile, Whatsapp, Viber : (+84) 978 17 66 35