Vietnam’s steel exports increase over 38%
Vietnam’s total steel exports in the first two months of the year rose 38.6% from the same period last year to more than 728,000 tonnes, according to the Vietnam Steel Association (VSA).
Other statistics from the General Department of Customs showed that Vietnam’s steel exports to the US in particular had surged. The country shipped 124,600 tonnes of steel worth US$104.2 million to the US in the two-month period, double that of same period last year.
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| Photo: thoibaotaichinhvietnam.vn |
The US has been the second largest importer for Vietnam’s steel after the ASEAN market. Vietnam also took the 12th position among the 20 largest steel exporters to the US.
US President Donald Trump signed proclamations to impose a 25% tariff on imported steel and a 10% tariff on imported aluminum on March 8. With the decision, Vietnam would be one of the 12 most affected countries. Local steel producers have faced competition from others in the ASEAN market as well as higher tariffs.
Last year, Vietnam exported 567,000 tonnes of steel to the US, a reduction of 43% from the 2016 and accounting for 12% of the total steel exports.
Experts said coated steel producers would be most affected as the US accounted for 35% to 40% of Vietnam total exports of the product.
