According to the General Department of Vietnam Customs, China is no longer a significant export destination for Vietnamese steel due to a sharp decline in steel export earnings to the country's northern neighbor.
In August, Vietnam exported 514,000 tons of steel for a total value of about USD 458 million, a decrease of 16.3 percent in volume and a 29 percent increase in income over July. Since June 2020, this revenue was at a record low.
The country's steel exports from January through August totaled 5.9 million tons and took in USD 6.08 billion, down 30.3 percent in both volume and revenue from the same time last year.
With 93,400 tons and USD 55 million less in volume and revenue compared to the same period last year, steel shipments to China fell precipitously in the period from January to August.
In the year ending in August, steel shipments to the neighboring nation fell by 1.65 million tons and USD 1 billion, removing it from the list of the top 10 export destinations for Vietnamese steel.
While this was going on, steel shipments to other significant markets, such Europe and the United States, were erratic over the first eight months. Sales of steel to these markets have dramatically decreased during the last two months.
Between January and August, steel shipments to the United States fell by 15.6% to 453,000 tons, while exports to the European market increased by 0.8 percent to 1.13 million tons, according to the General Department of Vietnam Customs.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only