Steel exports hit a record
According to the latest information from the General Department of Customs, in August alone, the export of iron and steel of all kinds reached 1.53 million tons with a turnover of nearly USD 1.5 billion, an increase of 33.8% in volume and 35.5% in value over the previous month. Notably, compared to the same period last year (August 2020), the export turnover of this item was 2.5 times higher.
August is the month with the highest export turnover of iron and steel of all kinds ever and the second consecutive month surpassing the USD 1 billion mark.
As of the end of August, the country exported 8.54 million tons of iron and steel with a turnover of nearly USD 7.1 billion, an increase of 43.4% in volume but an increase of 127% in turnover over the same period last year.
In terms of categories, the item with the strongest growth in exports was HRC (hot rolled coil), with an increase of 145% over the same period in 2020 thanks to Formosa's boost in exports, followed by galvanized steel with a growth of 115% when the top 5 galvanized steel enterprises exported from 50-67% of production output (nearly 2/3), cold rolled steel exports increased by 45% and construction steel exports increased by 27%, only steel pipes decreased nearly 10%. Up to 54% of galvanized steel production in Vietnam is exported, this rate is nearly 20% in HRC, construction steel is more than 16%.
As one of the large steel enterprises in the country, along with providing a large output for domestic consumption, right from the beginning of 2021, Hoa Phat Steel has advocated to optimize the capacity of all lines to meet the growth needs of the export market recovering from the Covid-19 pandemic.
For example, for steel pipe products, besides the market share always over 30% in the domestic market, over the past 10 years, Hoa Phat steel pipe has been exported to most major markets such as the US, Canada, Australia, etc. From 2021, the Company plans to gradually increase the proportion of exports to over 10% of steel pipe sales and continue to expand to other export markets. Hoa Phat Steel has many competitive advantages such as having a deep-water seaport at the factory, making it easy to transport raw materials and goods to markets. In particular, Hoa Phat steel is made from iron ore with high quality, diverse product types and grades.
- IMF forecasts that Vietnam has the highest GDP growth among the 5 ASEAN countries
- CPTPP creates favorable conditions for Vietnam to export to Canada
- Taking advantage of incentives to boost export growth to Mexico
- Industrial production index in 2021 is forecast to increase by 6%
- Export turnover to the US reached USD 61.8 billion in eight months of 2021
- Export turnover to the Netherlands and Germany increased in eight months of 2021
- Trade surplus returns in September
- World Bank forecasts Vietnam's GDP to grow 4.8% this year
- Trade surplus of more than USD 13 billion to the EU market
- Steel exports hit a record