Export steel to China increases suddenly by 26 times

The output of steel exported to China, calculation unit "tonnes". Sketched by T.Bình

According to the latest information from the General Department of Vietnam Customs, in the first 15 days of March, the country exported 297,018 tons of iron and steel with total turnover of over $165 million.

Thereby, bringing the total result from the beginning of the year up to nearly 1.5 million tons with turnover of over $815 million, up 3.8% in volume, but turnover down nearly 10% compared to the same period in 2019.

In terms of market, Cambodia is the largest export market of iron and steel, but the output in this market has decreased sharply by 20.5% compared to same period in 2019 (updated by the General Department of Vietnam Customs in the first two months of this year).

However, the Chinese market has grown suddenly. By the end of February, the export volume of iron and steel to China reached nearly 211,000 tons, an increase of 26 times over the same period last year.

In 2019, Vietnam exported more than 6.68 million tons of iron and steel of all kinds, turnover of $4.21 billion, up 6.7% in volume but down 7.4% in turnover compared to 2018.

In particular, Cambodia is the largest export market with 1.7 million tons, increasing by 23%.

The next markets are Indonesia with 873,000 tons, up 27%; Malaysia with 745,000 tons, up 23.4%; the United States with 384,000 tons, down 57.6%.

Meanwhile, the Chinese market only reached 442,000 tons last year.

Thus, in the first two months of 2020, export volume of steel to China market was equal to 50% of the whole year's output.