Tuesday, August 20 2019

VietNamNews

VN exports $2.24 billion of steel and iron in H1

Update: July, 23/2019 - 17:00

 

Rolled steel manufactured by BacViet Steel Co in HCM CIty. –Photo bacvietsteel.vn

HÀ NỘI – Viêt Nam exported 3.44 million tonnes of steel and iron worth US$2.24 billion in the first half of this year, up 4 per cent in value and 21 per cent in volume from the same period last year.

In the ASEAN bloc, Cambodia was the largest importer of Vietnamese steel and iron during the January-June period with more than 880,000 tonnes, valued at $523 million, 48 per cent higher in volume and 38 per cent higher in value from the first half of last year.

It was followed by Indonesia with 370,000 tonnes worth $245 million and Malaysia with 373,000 tonnes worth $231 million.

Việt Nam recorded significant growth in exports to China, Brazil, Japan, Saudi Arabia, Pakistan and the Philippines.

In contrast, the nation’s steel and iron exports to two other major outlets – the US and the EU – saw strong declines in both volume and value, the department noted.

About 285,000 tonnes of steel and iron were exported to the US, earning the country $223 million, representing a reduction of 35 per cent in volume and 41 per cent in value.

Exports to the EU, meanwhile, dropped 30 per cent in volume and 41 per cent in value to 200,000 tonnes and $136 million.

Statistics from the department revealed that Việt Nam also spent $4.82 billion importing 7.15 million tonnes of steel and iron in the first half of the year, up 4 per cent in volume but down 2 per cent in value compared to the same period last year.

The country's major providers of steel and iron were mainland China, South Korea, Japan, Taiwan and ASEAN nations. – VNS

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