Steel exports surge 127 pct
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.
A man works at Hoa Sen steel mill. Photo by /Phuong Dong
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.