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Imported Iron and Steel from China increase nearly 50 %

10:57 | 16/02/2017

VCN- Although the volume of imported Iron and Steel from China sharply reduced compared to the same period in 2016, the total value of turnover increased, leading to the average imported price of these commodities soaring by 48%.

imported iron and steel from china increase nearly 50
The chart compares volume and total value of turnover and the average price of imported Iron and Steel from China in January, 2017 and January, 2016. Chart by: T.B

According to the latest information from the General Department of Vietnam Customs, there was 678,865 tons of all kinds of Iron and Steel imported from China with a total value of turnover of $US 343 million in January 2017.

Compared to the same period in 2016, the volume of imported Iron and Steel fell 224,048 tons, equivalent to 25%. However, the total value of turnover increase by $US 34 million, equivalent to 11%.

Thus, the average price of imported Steel and Iron from China in January was $US 505/ton, increasing by 48% compared to the average price of January, 2016 ($US 342/ton).

Besides the notable information mentioned above, the statistical results of the General Department of Vietnam Customs showed that China still remained a stable volume of imported goods to Vietnam between January 2017 and January 2016.

Specifically, the country's total imported goods from China in January, 2017 was $US 3,943 billion turnover which was $US 9 million higher than the import turnover of $US 3,934 billion in the same period last year.

In particular, the stability of turnover value of imported goods from China took place in January, 2017 which included the Tet holidays (from January 28, 2017), meanwhile Vietnam’s import and export activity still took place normally in January 2016, because the Tet holidays of 2016 started from February 6, 2016).

imported iron and steel from china increase nearly 50 Iron and steel imports from China accounting for 59.1%

VCN- According to the statistics on import and export goods from the General Department of Customs, iron ...

To the end of January, 2017, besides Iron and Steel, other imported commodities with large turnover value are: Machine, equipment, tools and instrument were $US 857 million; telephones, mobile phones and parts thereof were $US 493 million, computers, electrical products and parts thereof were $US 482 million and fabric was $US 374 million.

By Thai Binh/Hoang Loan