Vietnamese iron and steel exports have shown robust growth in the early months of 2024, with Italy emerging as the primary market, absorbing a significant share of exports. According to recent data from the General Department of Customs, Vietnam shipped nearly 1.1 million tonnes of iron and steel in March alone, achieving a turnover of over $834.8 million, which marks an increase of 10% in volume and an 11.4% rise in value from February.
The first quarter of the year reflected a strong start for the industry, with exports totaling nearly $2.4 billion and exceeding 3.23 million tonnes—up 42% in volume and 40.1% in value compared to the first quarter of the previous year. This performance signals a vibrant outlook for Vietnam’s steel sector in 2024.
Italy remains the largest importer of Vietnamese iron and steel, purchasing 483 thousand tonnes worth nearly $299 million during the first three months. This represents an 80.4% increase in volume and a 64.2% surge in value compared to the same period in 2023. The United States and Cambodia also stood as significant markets, with exports totaling $399.6 million and $182.8 million, respectively.
A surprising uptick was observed in the Singaporean market, where March exports reached 42,190 tonnes, valued at more than $23 million. Over the first quarter, exports to Singapore escalated dramatically to 81,227 tonnes, worth over $44.6 million—a staggering increase of more than 18,790% in volume and 6,457% in value.
The Vietnam Steel Association (VSA) projects a 6.4% increase in steel consumption for the year, aiming to reach nearly 21.6 million tonnes. Exports of finished and semi-finished steel products are anticipated to rise by 12%, targeting nearly 13 million tonnes. These forecasts underscore the industry’s robust health and its pivotal role in driving economic growth through enhanced global trade connections.
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