Vietnam’s steel exports rake in 2.53 billion USD in 7 months
Wednesday, August 22,2018AsemconnectVietnam - Vietnam’s steel exports rose 40.4 percent year on year to 3.41 million tonnes in the first seven months of the year, raking in 2.53 billion USD, up 56.3 percent.
According to the Ministry of Industry and Trade, Cambodia was the largest importer of Vietnamese steel during the January-July period, accounting for 37 percent of the total steel export volume.
The country’s steel exports to Cambodia increased by 49 percent in volume and 77.9 per cent in value over the same period last year, reaching 717,572 tonnes, equivalent to 462.73 million USD.
Some 532,779 million tonnes were shipped to the US for 452.81 million USD, increasing by 71.6 percent in volume and 81.7 percent in turnover.
Shipments to Malaysia escalated 88.5 per cent in volume and 108.6 per cent in value to reach 391,607 tonnes, or 266.98 million USD.
Indonesia splashed out 295.33 million USD purchasing 372,514 tonnes of Vietnamese steel, up 22.3 percent in volume, and 33 percent in value.
However, steel exports declined sharply in the following markets: Switzerland (down 96 percent in turnover), Saudi Arabia (down 63.4 percent in value), and Pakistan (down 45.6 percent in value).
During the period, steel export price increased by 11.3 percent to reach average 742.8 USD per tonne. Of which, exports to Hong Kong reached the highest rate with 2,995.8 USD per tonne, up 33.4 percent. Some markets also enjoyed good prices such as Switzerland, Turkey, China and Ukraine.
In contrast, exports to Taiwan have the lowest price of 556.7 USD per tonne, a year-on-year decrease of 14 percent.
Although the steel sector has witnessed thriving exports, it is struggling to cope with trade defence lawsuits in the context of growing protectionism. From July 16 to August 9, the sector faced anti-dumping lawsuits in many foreign countries such as Thailand, the EU, Canada, Malaysia, the US, the Eurasian Economic Union, and India.
Particularly, within only a week (July 27 to August 2), the US launched two investigations into the avoidance of paying anti-dumping and anti-subsidy taxes on corrosion-resistant steel and cold rolled steel from Vietnam.
As of the end of June, local steel products were the target of 37 anti-dumping lawsuits among 78 trade remedy lawsuits against Vietnamese exports from the outset of the year.
Chairman of the Vietnam Steel Association (VSA) Ho Nghia Dung said that improving competitive capacity to expand export markets and understanding of international trade regulations are significant for Vietnamese steel firms to respond to trade defence lawsuits.
The association recommended the state to enhance the use of trade defence tools to protect domestic steel production.
The country’s steel exports to Cambodia increased by 49 percent in volume and 77.9 per cent in value over the same period last year, reaching 717,572 tonnes, equivalent to 462.73 million USD.
Some 532,779 million tonnes were shipped to the US for 452.81 million USD, increasing by 71.6 percent in volume and 81.7 percent in turnover.
Shipments to Malaysia escalated 88.5 per cent in volume and 108.6 per cent in value to reach 391,607 tonnes, or 266.98 million USD.
Indonesia splashed out 295.33 million USD purchasing 372,514 tonnes of Vietnamese steel, up 22.3 percent in volume, and 33 percent in value.
However, steel exports declined sharply in the following markets: Switzerland (down 96 percent in turnover), Saudi Arabia (down 63.4 percent in value), and Pakistan (down 45.6 percent in value).
During the period, steel export price increased by 11.3 percent to reach average 742.8 USD per tonne. Of which, exports to Hong Kong reached the highest rate with 2,995.8 USD per tonne, up 33.4 percent. Some markets also enjoyed good prices such as Switzerland, Turkey, China and Ukraine.
In contrast, exports to Taiwan have the lowest price of 556.7 USD per tonne, a year-on-year decrease of 14 percent.
Although the steel sector has witnessed thriving exports, it is struggling to cope with trade defence lawsuits in the context of growing protectionism. From July 16 to August 9, the sector faced anti-dumping lawsuits in many foreign countries such as Thailand, the EU, Canada, Malaysia, the US, the Eurasian Economic Union, and India.
Particularly, within only a week (July 27 to August 2), the US launched two investigations into the avoidance of paying anti-dumping and anti-subsidy taxes on corrosion-resistant steel and cold rolled steel from Vietnam.
As of the end of June, local steel products were the target of 37 anti-dumping lawsuits among 78 trade remedy lawsuits against Vietnamese exports from the outset of the year.
Chairman of the Vietnam Steel Association (VSA) Ho Nghia Dung said that improving competitive capacity to expand export markets and understanding of international trade regulations are significant for Vietnamese steel firms to respond to trade defence lawsuits.
The association recommended the state to enhance the use of trade defence tools to protect domestic steel production.
Source: Vietnamplus.vn
Vietnam’s forex reserves forecast to recover by year-end
Vietnam dong one of most stable currencies in Asia: Experts
Hanoi attracts over 1.7 billion USD in FDI in four months
Durian exports forecast to boom
Fruit market update: Dong Nai province’s farmers expand eco-tourism services
DAILY: Vietnamese pepper prices increased by 1000 VND per kg on May 10
DAILY: Vietnamese coffee prices decreased by 100 VND per kg on May 10
Reference exchange rate up 9 VND on May 10
Tea exports earned only 50 million USD in 4 months of 2023
Bank deposit interest rates keep falling
IP protection for online exports increases in Vietnam
Many banks planning move to HoSE
Reference exchange rate up 3 VND
Seafood exports in April dropped by nearly 30%
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...