Iron and steel imported significantly from China while heavily exported to Cambodia

Structure of market share of three largest markets importing iron and steel of Vietnam. Sketched by: T. Bình

According to the General Department of Vietnam Customs, in October, the country imported 1.44 million tonnes of iron and steel, worth US$892 million, up by 23.3 percent in volume and 18 percent in value compared to September 2019.

In the first 10 months of this year, the amount of imported iron and steel of all kinds was up to 12.24 million tonnes, with total value of $8.1 billion, increasing by 7 percent in volume but decreasing by 3.1 percent in value compared to the same period in 2018.

In terms of import markets, China was still the dominant country, although output and turnover tended to decrease.

Specifically, at the end of October, iron and steel imported from China reached 4.64 million tons, a total value of $2.95 billion, decreasing by 12.7 percent in volume and reducing by 22.9 percent in value compared to in the same period last year. However, this neighbouring country still accounted for nearly 38 percent of the volume of imported iron and steel of the whole country in the same period.

The next position was Japan with 1.72 million tonnes, worth $1.14 billion, decreasing by 7.9 percent in volume and decreasing by 13.7 percent in value; India was 1.54 million tonnes, worth $798 million, increasing by 189.8 percent in volume and 133.5 percent in value.

According to the General Department of Vietnam Customs, in October, exports of iron and steel reached 536 thousand tonnes, with a value of $338 million, increasing by 8.7 percent in volume and increasing by 6.9 percent in value compared to September 2019.

Accumulated in the first 10 months of the year, export volume of iron and steel reached 5.39 million tonnes, valued at $3.49 billion, increasing by 3.1 percent in volume but decreasing by 8.7 percent in value compared to the same period last year.

Notably, Cambodia was the largest export market of this group. By the end of October, iron and steel of all kinds exported to Cambodia reached 1.42 million tonnes, increasing by 29.1 percent.

Other major markets such as Indonesia reached 697 thousand tonnes, increasing by 32.3 percent; Malaysia reached 627 thousand tonnes, increasing by 19.2 percent; the US reached 354 thousand tonnes, decreasing by 56.6 percent.