2023 was a year of significant improvements in Vietnam's steel exports. According to the 2023 Import-Export Report, steel export turnover increased by 32.6% in quantity and 4.5% in value, reaching 11.1 million tons worth 8.35 billion US dollars. Export steel prices showed low fluctuation compared to 2022, and the average export steel price remained around 700 USD/ton.
The ASEAN market constituted the majority of Vietnam's steel exports. However, export volume to this region decreased by 1.1% and in value by 17.1%, falling to 3.5 million tons worth 2.4 billion US dollars. Steel exports to the ASEAN region accounted for 28.62% of total exports.
There was a remarkable growth in exports to India. Exports amounted to 967.6 thousand tons, or 715.2 million US dollars, with an increase of 416.6% in volume and 319.3% in value. Exports to the UK market increased by 70.3% in volume and 16.6% in value, reaching 212.6 thousand tons, or 181.6 million US dollars.
The EU market, on the other hand, recorded significant growth. It increased by 86.2% in volume and 29.0% in value, reaching 2.55 million tonnes, or US$1.89 billion. This success placed the EU market in second place in Vietnam's steel exports.
Steel exports to the USA also increased. Exports reached 1.08 million tons (851.9 million USD), with an increase of 58.8% in volume and 1.2% in value.
However, exports to China continued to decline. Exports were made to only 5.58 thousand tons and worth 8.7 million US dollars, with a decrease of 94.4% in volume and 86.6% in value.
Vietnam's main export steel products in 2023 included rolled steel, galvanized steel, steel bars, steel plates and painted steel. Rolled steel had the largest export volume at 4.2 million tons (US$2.6 billion), accounting for 37.9% of total steel exports. Galvanized steel exports increased by 25.1% in volume to 1.76 million tons and decreased by 4.8% in value to 1.45 billion US dollars.
According to the data of the Ministry of Industry and Trade, in the first four months of the year, steel exports increased by 25.8% in quantity and 20.7% in value, reaching over 4 million tons and generating revenues of over 3 billion dollars. These data show that Vietnam gives positive signs in steel exports for 2024.
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