Iron and steel exports in the first month of the year earned 457 million USD

According to data of the General Department of Customs, January 2023 is the month with a large number of New Year holidays and Lunar New Year holidays, so the total import-export value of the whole country reached 46.56 billion USD, down 17.3% compared to December 2022. In which, export value reached 23.61 billion USD, down 18.7%; imports reached 22.95 billion USD, down 15.9%. Merchandise trade balance in January 2023 had a surplus of 656 million USD.

For iron and steel products, iron and steel exports of all kinds in January of the whole industry reached more than 672,100 tons with a value of nearly 457 million USD.

Compared to December 2022, iron and steel exports in this period decreased by 18.3% in volume and 21.8% in value. Compared to the same period last year, iron and steel exports in January this year decreased by 14.8% in volume and sharply decreased by 47.6% in turnover.

In 2022, Vietnam exported about 8.4 million tons of steel, equivalent to nearly 8 billion USD, down 36% in volume and 32% in value compared to 2021. The main export market of Vietnamese steel is Vietnamese steel. South is the ASEAN region, accounting for 36.2%; EU accounts for 18.4%; America accounted for 10.5%; South Korea accounted for 6.8% and Hong Kong about 4.1%.

In the opposite direction, imports of finished steel products of all kinds to Vietnam are about 11.7 million tons with a value of more than 11.9 billion USD, down 6% in volume but up 3% in value compared to 2021. Thus. , the trade balance of the steel industry in 2022 is inclined to a trade deficit of 3.9 billion USD.

According to the Vietnam Steel Association (VSA), domestic steel consumption in 2023 can be supported by public investment and transport projects. However, rapid inflation and a tightening wave of global monetary policy reduced investment and consumption demand, leading to a weakening of steel consumption from the third quarter of 2022.

Meanwhile, steel exports will continue to be quiet in the first and second quarters and will not recover until mid-2023 when the pressure to raise interest rates eases globally.

CafeLand