Synopsis:
Italy has maintained its position as the largest importer of Vietnamese iron and steel during the first three months of the year. Vietnam's export turnover to Italy reached approximately $299 million, marking significant increases in both volume and value compared to the same period last year. The country's overall iron and steel exports have experienced substantial growth, with the Vietnam Steel Association projecting a 6.4% increase in steel consumption and a 12% rise in exports of finished and semi-finished steel products for the year.
Article:
Vietnam's iron and steel industry has witnessed a remarkable surge in exports since the beginning of the year, with Italy firmly holding its position as the largest importer of Vietnamese iron and steel. According to the General Department of Customs, Vietnam's iron and steel exports in March alone reached nearly 1.1 million metric tons, with a turnover exceeding $834.8 million. This represents a 10% increase in volume and an 11.4% rise in value compared to the previous month, signaling a promising outlook for the industry.
The first quarter of the year saw Vietnam's iron and steel exports soar to impressive heights, with a total volume of over 3.23 million metric tons and a turnover of nearly $2.4 billion. These figures mark a substantial 42% increase in volume and a 40.1% rise in value compared to the same period last year. The robust growth in exports has instilled confidence in the steel industry, with expectations of a prosperous year ahead.
Italy's dominance as the top importer of Vietnamese iron and steel remained unchallenged during the three-month period. The Southeast Asian nation's exports to Italy reached approximately $299 million, with a volume of 483,000 metric tons. This represents a remarkable 80.4% increase in volume and a 64.2% rise in value compared to the same period in 2023. Following closely behind Italy were the United States and Cambodia, with total export values of $399.6 million and $182.8 million, respectively, for the first quarter.
One of the most striking developments in Vietnam's iron and steel exports was the sudden growth witnessed in various markets, particularly Singapore. In March alone, Vietnam's iron and steel exports to Singapore reached 42,190 metric tons, with a turnover exceeding $23 million. The accumulated exports to Singapore for the first three months stood at 81,227 metric tons, worth more than $44.6 million. These figures represent an astonishing 18,790% increase in volume and a 6,457% rise in value compared to the same period last year.
The Vietnam Steel Association has projected a promising outlook for the country's steel industry in the current year. Steel consumption is expected to rise by 6.4%, reaching nearly 21.6 million metric tons. Among this, exports of finished and semi-finished steel products are forecast to increase by 12%, amounting to nearly 13 million metric tons.
The remarkable growth in Vietnam's iron and steel exports can be attributed to several factors, including the country's competitive pricing, high-quality products, and favorable trade agreements. The industry has also benefited from the government's supportive policies and investments in infrastructure development, which have boosted domestic demand and enhanced the country's export capabilities.
As Vietnam continues to strengthen its position in the global iron and steel market, the industry is poised for further growth and expansion. The surge in exports to key markets like Italy, the United States, and Cambodia, along with the sudden growth in emerging markets like Singapore, underscores the increasing demand for Vietnamese steel products worldwide.
Conclusion:
Vietnam's iron and steel industry has demonstrated remarkable resilience and growth, with exports surging in the first quarter of the year. Italy's continued dominance as the largest importer of Vietnamese iron and steel, coupled with the substantial increases in export volume and value, highlights the strong demand for the country's products in the global market. The Vietnam Steel Association's projections for increased steel consumption and exports further underscore the industry's potential for growth.
Source: STEELGURU
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