According to preliminary statistics from the General Department of Customs, Vietnam's iron and steel exports in October 2023 increased again, reaching 908,142 tons, up 5.% compared to September and up sharply by 71.5% over the same period in 2022. Export turnover reached more than 656.41 million USD, up 7.5% compared to September 2023 and up 51.8% over the same period in 2022.

Previously, in 2022, Vietnam had a trade deficit of 3.93 billion USD in iron and steel. Thus, after the first trade surplus in 2021, Vietnam has returned to a trade deficit in 2022 and 2023.

Vietnam's iron and steel exports increased again in October 2023. (Illustration photo: Investment Newspaper)

In the first 10 months of 2023, the export output of iron and steel of all kinds reached over 9.1 million tons, equivalent to 6.95 billion USD, the turnover reached 6.95 billion USD, up 30.7% in volume and 0.1% in value over the same period in 2022. The average export price of 10T/2023 reached 760 USD/ton, down 23.4% over the same period last year.

According to data from the Vietnam Steel Association (VSA), the total steel export of VSA members in the first 10 months of 2023 reached over 6.7 million tons of steel of all kinds, an increase of 26.1% over the same period in 2022. Of which, the growth mark of 201% over the same period in 2022 was recorded in hot-rolled coil (HRC) with an export output of over 2.8 million tons; followed by galvanized steel exports reaching over 1.8 million tons, an increase of 2.8%; steel pipes reaching 0.25 million tons, an increase of 17%. Two export items that decreased sharply compared to the same period were construction steel reaching 1.4 million tons, down 27%, and cold-rolled coil steel reaching 0.36 million tons, down 16.4%.

Vietnam's 10 largest steel export markets in 2023 as of the end of October are Italy, Cambodia, the United States, India, Malaysia, Indonesia, Belgium, Spain, Taiwan (China) and Thailand, respectively.

The bright spot in the steel export picture is the EU market, accounting for 24.1% of the turnover, reaching 2.2 million tons, a sharp increase of 86.2% over the same period in 2022. Of which, exports to the Italian market increased by 127.7%, reaching 1.355 million tons, Belgium increased by 30.1%, Spain increased by 70.2%...

Iron and steel exports to the Indian market recorded a remarkable growth. Specifically, iron and steel exports of all kinds to India in October reached 198,418 tons, worth 139.6 million USD, a sharp increase of 2,346% in volume and 1,103% in value compared to October 2022. This is also the month with the highest export output since the beginning of 2023.

By the end of October, iron and steel exports to this market reached more than 733,830 tons, equivalent to more than 539.8 million USD, up 1,464% in volume and 682% in value, making India the 4th largest steel export market of Vietnam. The average export price in the first 10 months of the year reached 735.6 USD/ton, down sharply by 50% compared to the same period in 2022.