According to the General Department of Customs, in the first eight months of the year, Vietnam had a trade deficit of $2.8 billion in iron and steel products.
Specifically, in August, Vietnam's iron and steel exports reached 514 thousand tons with a value of 458 million USD, down 16% in volume and 29% in value compared to the previous month. This is also the second consecutive month that iron and steel exports have declined.
In the first 8 months, iron and steel exports reached more than 5.9 million tons, equivalent to 6 billion USD, down 30% in volume and 12% in value over the same period in 2021.
On the other hand, in August, the import volume of iron and steel of all kinds reached 785 thousand tons, equivalent to 849 million USD, down 14% in volume and 18% in value compared to the previous month.
In the first 8 months of the year, the import volume of this commodity group reached 8.2 million tons with a value of 8.8 billion USD, down 8% in volume but up 14% in value over the same period in 2021.
The Vietnam Commodity Exchange (MXV) said that in 2021, Vietnam will export a lot due to the high world demand for iron and steel as countries increase iron and steel consumption for a basic recovery, according to VTV.
And this year, many major economies are tightening their currencies to curb escalating inflation, and the demand for goods in general and iron and steel in particular has also decreased. The cooling of world demand has led to a decrease in Vietnam's steel exports. Meanwhile, steel supply in Vietnam is still abundant and inventories are still high.
MXV believes that Vietnamese steel companies still have many opportunities in the last months of the year because steel mills in Europe have had to close due to high energy costs.
In addition, the prospect of domestic consumption also promises to be more prosperous when a series of investment projects will rush to speed up progress.
Source: Vietnambiz