Steel exports suffer severe drops due to COVID-19

The domestic steel industry is set to continue facing hurdles in the post-coronavirus period due to a recent sharp plunge in steel exports to foreign markets, according to the Vietnam Steel Association (VSA).
steel exports suffer severe drops due to covid 19

The steel industry has been badly affected by the COVID-19 epidemic (Photo:VIR)

This decline can largely be attributed to the fact that various manufacturing industries which rely on steel products, such as construction, automobiles, motorcycles, and electronics, have yet to fully recover from the initial effects of the epidemic.

Indeed, the production and consumption index of steel products remains extremely low, while a sharp decline in steel exports has caused the industry to encounter numerous difficulties.

Most notably, the production of finished steel products of all types throughout the four-month period reached approximately 7.5 million tonnes, while steel consumption reached 6.75 million tonnes, an annual decrease of 8.4% and 13.3%, respectively.

As a result, steel exports plummeted by 25% to 1.28 million tonnes in comparison to the same period from last year. Steel exports in April alone fell by 37.99% to roughly 262,000 tonnes from the previous month.

The VSA therefore predicts that steel exports will enjoy a number of positive signs ahead in the second quarter when the epidemic is finally brought under control within the domestic market.

In addition, various incentive policies by the government and numerous public investment packages will also be implemented as a means of helping the market rebound.

Experts say the recovery of export markets is predicted to be largely dependent on the ability of Southeast Asian countries to contain the epidemic, with the regional market making up 60% of all steel exports, along with 57.8% of the entire industry’s total export turnover.

Source: VOV

Related News

The wood industry seizes opportunities amid changes in the export market

The wood industry seizes opportunities amid changes in the export market

VCN - According to Mr. Đỗ Xuân Lập (pictured), Chairman of the Vietnam Timber and Forest Products Association, changes in policies in the United States and globally have also opened up significant opportunities for Vietnam's wood industry.
Seafood exports increase competitiveness through quality

Seafood exports increase competitiveness through quality

VCN - The "wave" of orders from a number of large markets and increased consumption demand in the coming months will be the driving force to accelerate seafood exports at the end of the year. Not only racing to increase exports, Vietnamese seafood also increases its competitive advantage by focusing on product quality, seed sources, green transformation in the production process...
Why are seafood exports to some Middle Eastern countries blocked?

Why are seafood exports to some Middle Eastern countries blocked?

VCN - Many seafood export shipments to some Middle Eastern countries have had their documents returned by the Consular Department due to the nightmare of consular legalization procedures, leading to a blockage in exports to these markets.
Will textile and garment exports be affected by Trump 2.0 policy?

Will textile and garment exports be affected by Trump 2.0 policy?

VCN - That was one of the topics of interest at the press conference of the Vietnam Textile and Apparel Association (VITAS) held on November 19.

Latest News

VN faced with increasing trade defence investigations on rising protectionism

VN faced with increasing trade defence investigations on rising protectionism

Việt Nam’s exporters faced a significant increase in the number of trade defence investigation cases this year, on the back of rising protectionism worldwide, according to the Ministry of Industry and Trade.
Việt Nam expects to officially export passion fruit to the US next year

Việt Nam expects to officially export passion fruit to the US next year

Negotiations on technical issues were already completed in August. Now, legal procedures are underway for the official export of fresh passion fruit to the US.
UK’s carbon tax to affect VN exports

UK’s carbon tax to affect VN exports

The UK’s carbon border adjustment mechanism will take effect in 2027.
Removing obstacles in granting certificates of exploited aquatic products

Removing obstacles in granting certificates of exploited aquatic products

VCN - Prime Minister Pham Minh Chinh requested to review all regulations related to the organization and issuance of certificates of origin of exploited aquatic products (SC) at fishing ports, issuance of certificates of origin of exploited aquatic products (CC), and amend inappropriate regulations that cause difficulties and hinder production and business activities in the field of exploitation, processing and export of seafood.

More News

Promoting agricultural exports to the Japanese market

Promoting agricultural exports to the Japanese market

VCN - Japan's high-quality standards have become a driving force for continuous improvement in Vietnamese agricultural products to meet global consumer expectations and build a strong brand for Vietnamese agricultural products on the world map.
Agricultural exports in 2024 to exceed 60 billion USD?

Agricultural exports in 2024 to exceed 60 billion USD?

VCN - The agricultural sector has basically achieved and exceeded the set targets when the export turnover of agricultural, forestry and fishery products in the first 11 months of 2024 reached 56.74 billion USD, up 19% over the same period in 2023, the trade surplus reached nearly 16.5 billion USD, up 52.8%. This year's agricultural exports are expected to exceed 60 billion USD if the export value in December reaches over 5 billion USD.
Seafood exports expected to exceed $10 billion in 2025: expert

Seafood exports expected to exceed $10 billion in 2025: expert

The achievement of the $10 billion export milestone in 2024 is attributed in part to efforts to open and strengthen connections with key markets such as the US and the EU.
Top 10 Reputable Animal Feed Companies in 2024: Efforts to survive the challenges of nature

Top 10 Reputable Animal Feed Companies in 2024: Efforts to survive the challenges of nature

VCN - In the Report announcing the Ranking of Top 10 Reputable Animal Feed Companies in 2024 on December 12, 2024, Vietnam Report Joint Stock Company said that Vietnam's animal feed industry has faced many challenges from natural disasters and epidemics. But overcoming all, the industry continues to survive and has confidence in the future.
Vietnam's import-export surges 15.3%

Vietnam's import-export surges 15.3%

Vietnam's total import-export turnover reached 745 billion USD as of December 14, marking a robust 15.3% growth compared to the same period in 2023, according to the General Department of Vietnam Customs.
More Vietnamese firms interested in Saudi Arabia: Ambassador

More Vietnamese firms interested in Saudi Arabia: Ambassador

An increasing number of Vietnamese enterprises are showing interest in Saudi Arabia, particularly in the sectors of Vietnam's advantages and the Middle East country's needs, a diplomat has said.
“Give and Take” in the Value Chain of the CPTPP Market

“Give and Take” in the Value Chain of the CPTPP Market

VCN - Vietnamese businesses have many opportunities and advantages if they take advantage of resources from imports and technology transfers when joining the supply chains of FDI companies within the CPTPP.
Binh Dinh province works to attract investment from Japan

Binh Dinh province works to attract investment from Japan

The People’s Committee of Binh Dinh province on December 18 inked a cooperation deal with the Japan - Vietnam Friendship Association of Sakai city as part of the south-central province’s efforts to attract more investment and development resources from the Northeast Asian country.
Agricultural, forestry and fishery exports “reach the target” early

Agricultural, forestry and fishery exports “reach the target” early

VCN - According to a report from the Ministry of Agriculture and Rural Development, the export turnover of agricultural, forestry and fishery products in November 2024 is estimated at US $5.3 billion, up 13.9% compared to November 2023. It is notable that it not only “reaching the finish line” early, the agricultural sector also exceeded the annual plan by over US $ one billion.
Read More

Your care

Latest Most read
VN faced with increasing trade defence investigations on rising protectionism

VN faced with increasing trade defence investigations on rising protectionism

Việt Nam’s exporters faced a significant increase in the number of trade defence investigation cases this year, on the back of rising protectionism worldwide, according to the Ministry of Industry and Trade.
Việt Nam expects to officially export passion fruit to the US next year

Việt Nam expects to officially export passion fruit to the US next year

Negotiations on technical issues were already completed in August. Now, legal procedures are underway for the official export of fresh passion fruit to the US.
UK’s carbon tax to affect VN exports

UK’s carbon tax to affect VN exports

The UK’s carbon border adjustment mechanism will take effect in 2027.
Removing obstacles in granting certificates of exploited aquatic products

Removing obstacles in granting certificates of exploited aquatic products

Prime Minister Pham Minh Chinh requested to review all regulations related to the organization and issuance of certificates of origin of exploited aquatic products (SC) at fishing ports
Promoting agricultural exports to the Japanese market

Promoting agricultural exports to the Japanese market

VCN - Currently, Vietnamese agricultural exports to Japan comprise only six main categories, while several key Vietnamese agricultural products like rice, tea, and livestock products haven't yet penetrated the Japanese market significantly.
Mobile Version