How are Vietnam’s steel exports to the US?
Avenues of opportunity for Vietnamese exports to US | |
Despite of barriers, pangasius fish exports to the US still increases | |
Vietnam’s exports to the US estimated at US$40 billion this year |
Chart of steel exports to four major markets by the end of February, 2018. By Thai Binh |
According to the latest news from General Department of Customs, by the end of February, the country exported 919,771 tons of steel with total turnover of nearly US$ 655.3 million. Thus, each ton of export steel is valued at US$ 712.4
Compared to the same period in 2017, the steel exports increased 39.7% in volume and 59.2% in value
In which, the US together with Cambodia, Indonesia and Malaysia are the four largest export markets with a volume of more than 100,000 tons to each market in the first two months.
The largest export market was Cambodia with 168.037 tons and a turnover of US$ 105.23 million; followed by Indonesia with 134,317 tons and a turnover of US$ 100.36 million; the US with 124,573 tons and a turnover of US$ 104.23 million, and Malaysia with 114,363 tons and a turnover of US$ 73.85 million.
Therefore, among the above major markets, the US had the highest average export price of US$ 836.8/ton, while Cambodia was US$ 626/ton, Indonesia was US$ 747/ton and Malaysia was US$ 645.7/ton. The export price to the US was also higher than the country’s average export price of US$ 127.4/ton (equivalent to VND 2.8 million)
With a volume of 541,290 tons, these four market accounted for nearly 59% of the total exported steel in the past two months and total turnover of these four markets reached nearly US$ 384 million, accounting for 58.6% of the country’s total turnover.
Compared to the same period in 2017, the volume of exported steel to the US rose nearly 110%, while the turnover rose nearly 120%. The growth rate of turnover higher than the volume helps the export price of steel to the US to rise by nearly US$ 37/ton (the same period in 2017 was US$ 800/ton)
Steel exports increase over 150% VCN- The amount of steel produced and sold in the first two months of 2017 reached over ... |
In addition to steel, in the first two months of 2018, the country has exported nearly US$ 74 million of steel products to the US, accounting for 16.7% of the country’s total export turnover of this commodity in the same period.
On 8th March 2018 (local time), the US president Donald Trump has signed a decision to apply new import tax rates to steels and aluminium to this country. In which, steels shall be subject to the new tax rate of 25% and aluminium of 10%. As one of Vietnam largest export market of steels, this Decision is forecasted to have a significant impact on Vietnam’s steel exports in the coming time. |
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