Vietnam’s steel exports rose 40.4 percent year on year to 3.41 million tonnes in the first seven months of the year. (Photo: vneconomy.vn)Hanoi (VNA) – Vietnam’s steel exports rose 40.4 percent year on yearto 3.41 million tonnes in the first seven months of the year, raking in 2.53billion USD, up 56.3 percent.
According to the Ministry of Industry andTrade, Cambodia was the largest importer of Vietnamese steel during the January-Julyperiod, accounting for 37 percent of the total steel export volume.
The country’s steel exportsto Cambodia increased by 49 percent in volume and 77.9 per cent in value overthe same period last year, reaching 717,572 tonnes, equivalent to 462.73million USD.
Some 532,779 million tonnes were shipped to the US for 452.81 million USD,increasing by 71.6 percent in volume and 81.7 percent in turnover.
Shipments to Malaysia escalated 88.5 per cent in volume and 108.6 per cent invalue to reach 391,607 tonnes, or 266.98 million USD.
Indonesia splashed out 295.33 million USD purchasing 372,514 tonnes ofVietnamese steel, up 22.3 percent in volume, and 33 percent in value.
However, steel exports declined sharply in the following markets: Switzerland (down96 percent in turnover), Saudi Arabia (down 63.4 percent in value), andPakistan (down 45.6 percent in value).
During the period, steel export price increased by 11.3 percent to reachaverage 742.8 USD per tonne. Of which, exports to Hong Kong reached the highestrate with 2,995.8 USD per tonne, up 33.4 percent. Some markets also enjoyedgood prices such as Switzerland, Turkey, China and Ukraine.
In contrast, exports to Taiwan have the lowest price of 556.7 USD per tonne, ayear-on-year decrease of 14 percent.
Although the steel sector has witnessed thriving exports, it is struggling tocope with trade defence lawsuits in the context of growing protectionism. FromJuly 16 to August 9, the sector faced anti-dumping lawsuits in many foreigncountries such as Thailand, the EU, Canada, Malaysia, the US, the EurasianEconomic Union, and India.
Particularly, within only a week (July 27 to August 2), the US launched twoinvestigations into the avoidance of paying anti-dumping and anti-subsidy taxeson corrosion-resistant steel and cold rolled steel from Vietnam.
As of the end of June, local steel products were the target of 37 anti-dumpinglawsuits among 78 trade remedy lawsuits against Vietnamese exports from theoutset of the year.
Chairman of the Vietnam Steel Association (VSA) Ho Nghia Dung said thatimproving competitive capacity to expand export markets and understanding ofinternational trade regulations are significant for Vietnamese steel firms torespond to trade defence lawsuits.
The association recommended the state to enhance the use of trade defence toolsto protect domestic steel production.-VNA
VNA
