Vietnam Steel exports surge
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Steel exports increased by 43.4 percent year-on-year in the first eight months to 8.54 million tons, and were worth US$7.1 billion, a 127 percent rise.
In August, for a second month in a row, the billion-dollar mark was breached, with the value of shipments increasing 2.5-fold to nearly $1.5 billion.
The main export markets were Southeast Asia, which bought 2.7 million tons and China (1.8 million tons).
Exports to the E.U. and U.S. skyrocketed 7.5-fold and four-fold from 12 months earlier as demand there continued to soar.
Exports to Europe also benefited from the EU-Vietnam Free Trade Agreement, with many companies taking advantage of lower tariffs.
According to the Vietnam Steel Association, the country’s production capacity is around 24 million tons a year. Output this year is expected to reach 21.2 million tons, enough to meet domestic and export needs.
Questions & Answers
Q.What is the total value of Vietnam's steel exports for the first eight months of the year?
What is the total value of Vietnam's steel exports for the first eight months of the year?
Steel exports were worth US$7.1 billion in the first eight months. This represents a 127 percent increase compared to the same period last year.
Q.Which regions were the largest export markets for Vietnamese steel?
Which regions were the largest export markets for Vietnamese steel?
Southeast Asia was the largest market, purchasing 2.7 million tons. China followed, importing 1.8 million tons of steel.
Q.What factors contributed to the increase in exports to the EU?
What factors contributed to the increase in exports to the EU?
Exports to the EU benefited from the EU-Vietnam Free Trade Agreement, which allowed many companies to take advantage of lower tariffs. Demand there also continued to soar.
Q.How does Vietnam's steel production capacity compare to its expected output this year?
How does Vietnam's steel production capacity compare to its expected output this year?
Vietnam's production capacity is around 24 million tons a year. Output for this year is expected to reach 21.2 million tons, which is sufficient for domestic and export needs.
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