| Steel imports in August 2023 reached the highest level since March 2023. In 9 months, which markets did Vietnam import steel from? |
According to preliminary statistics of the General Department of Customs, in the first 10 months of 2023, the country imported nearly 10.61 million tons of iron and steel, worth over 8.49 billion USD, with an average price of 800.4 USD/ton, up 8.6% in volume, but down 17.6% in turnover and down 24.1% in price compared to the first 10 months of 2022.
In October 2023 alone, 1.28 million tons of iron and steel were imported, equivalent to nearly 957.43 million USD, with an average price of 748.5 USD/ton, down 8.9% in volume and 3.9% in value but up 5.5% in price compared to September 2023.
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| 8.49 billion USD was spent on importing iron and steel after the first 10 months of 2023 |
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.
The majority of imported iron and steel into Vietnam originates from China, with 6.37 million tons, equivalent to over 4.44 billion USD, priced at 698.2 USD/ton, up 47.8% in volume, up 3% in turnover but down 30.4% in price compared to the first 10 months of 2022; accounting for 60% of the total volume and 52.3% of the total import turnover of iron and steel in the country.
Following the main market of China is the Japanese market with 1.62 million tons, equivalent to 1.24 billion USD, import price of 761.2 USD/ton, up 6.3% in volume, but down 18.1% in turnover and down 23% in price compared to 10 months of 2022, accounting for 15.3% of total volume and 14.6% of total turnover.
Next is the Indonesian market with 547,213 tons, worth 936 million USD, priced at 1,710.5 USD/ton, up 18.9% in volume, but down slightly 0.3% in turnover and down 16.1% in price compared to the first 10 months of 2022, accounting for 5.2% of the total volume and 11% of the total iron and steel import turnover of the whole country.
In general, iron and steel import turnover in the first 10 months of 2023 from most markets decreased compared to the first 10 months of 2022.
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