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Vietnam's 10 largest steel export markets in 2023 

 Monday, November 27,2023

AsemconnectVietnam - Vietnam's 10 largest steel export markets in 2023 were Italy, Cambodia, the United States, India, Malaysia, Indonesia, Belgium, Spain, Taiwan (China) and Thailand.

According to the preliminary statistics figures from the General Department of Customs, Vietnam's iron and steel exports of all kinds in October of 2023 increased again, reaching 908,142 tonnes, up by 5% compared to September and a strong increase of 71.5% compared to the same period of 2022.
The export turnover reached more than 656.41 million USD, an increase of 7.5% compared to September of 2023 and an increase of 51.8% compared to the same period of 2022.
Previously, in 2022, Vietnam had an iron and steel trade deficit of 3.93 billion USD. Thus, after the first trade surplus in 2021, Vietnam has returned to trade deficit in 2022 and 2023.
Totally in the first 10 months of 2023, iron and steel export output of all types reached over 9.1 million tonnes, equivalent to 6.95 billion USD, the turnover reached 6.95 billion USD, up by 30.7% in volume and increased 0.1% in value compared to the same period of 2022.
The average export price in the first 10 months of 2023 reached 760 USD/tonne, down by 23.4% over the same period last year.
According to the data from the Vietnam Steel Association (VSA), the total steel exports of VSA members in the 10 months of 2023 reached over 6.7 million tonnes of steel of all types, growing by 26.1% over the same period of 2022. In which, the growth mark of 201% over the same period in 2022 was recorded in hot rolled steel products (HRC) with export output reaching over 2.8 million tonnes; followed by galvanized steel exports reaching over 1.8 million tonnes, growing by 2.8%; steel pipes reached 0.25 million tonnes, growing by 17%. Two export items that decreased sharply over the same period were construction steel reaching 1.4 million tonnes, down by 27% and cold rolled steel reaching 0.36 million tonnes, down by 16.4%.
Vietnam's 10 largest steel export markets in 2023 by the end of October were Italy, Cambodia, the United States, India, Malaysia, Indonesia, Belgium, Spain, Taiwan (China) and Thailand.
The bright spot in the steel export picture is the EU market, accounting for 24.1% of the turnover, reaching 2.2 million tonnes, a sharp increase of 86.2% over the same period of 2022. Of which, the exports to the Italian market increased by 127.7%, reaching 1.355 million tonnes, to Belgium increased by 30.1%, and to Spain increased by 70.2%.
Iron and steel exports to the Indian market recorded a sudden growth. Specifically, iron and steel exports of all kinds to India in October reached 198,418 tonnes, worth of 139.6 million USD, a sharp increase of 2,346% in volume and 1,103% in turnover compared to October of 2022. This is also the month recording the highest export output since the beginning of 2023.
By the end of October, iron and steel exports to this market reached more than 733,830 tonnes, equivalent to more than 539.8 million USD, an increase of 1,464% in volume and an increase of 682% in value, making India to become Vietnam's 4th largest steel. The average export price in the first 10 months of the year reached 735.6 USD/tonne, a sharp decrease of 50% compared to the same period of 2022.
CK
Source: VITIC/congthuong.vn

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