VCN – The US is one of Vietnam’s largest export markets of steel with an average export price much higher than the country’s average export price.
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Chart of steel exports to four major markets by the end of February, 2018. By Thai Binh
According to the latest news from General Department of Customs, by the end of February, the country exported 919,771 tons of steel with total turnover of nearly US$ 655.3 million. Thus, each ton of export steel is valued at US$ 712.4
Compared to the same period in 2017, the steel exports increased 39.7% in volume and 59.2% in value
In which, the US together with Cambodia, Indonesia and Malaysia are the four largest export markets with a volume of more than 100,000 tons to each market in the first two months.
The largest export market was Cambodia with 168.037 tons and a turnover of US$ 105.23 million; followed by Indonesia with 134,317 tons and a turnover of US$ 100.36 million; the US with 124,573 tons and a turnover of US$ 104.23 million, and Malaysia with 114,363 tons and a turnover of US$ 73.85 million.
Therefore, among the above major markets, the US had the highest average export price of US$ 836.8/ton, while Cambodia was US$ 626/ton, Indonesia was US$ 747/ton and Malaysia was US$ 645.7/ton. The export price to the US was also higher than the country’s average export price of US$ 127.4/ton (equivalent to VND 2.8 million)
With a volume of 541,290 tons, these four market accounted for nearly 59% of the total exported steel in the past two months and total turnover of these four markets reached nearly US$ 384 million, accounting for 58.6% of the country’s total turnover.
Compared to the same period in 2017, the volume of exported steel to the US rose nearly 110%, while the turnover rose nearly 120%. The growth rate of turnover higher than the volume helps the export price of steel to the US to rise by nearly US$ 37/ton (the same period in 2017 was US$ 800/ton)
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In addition to steel, in the first two months of 2018, the country has exported nearly US$ 74 million of steel products to the US, accounting for 16.7% of the country’s total export turnover of this commodity in the same period.
On 8th March 2018 (local time), the US president Donald Trump has signed a decision to apply new import tax rates to steels and aluminium to this country. In which, steels shall be subject to the new tax rate of 25% and aluminium of 10%.
As one of Vietnam largest export market of steels, this Decision is forecasted to have a significant impact on Vietnam’s steel exports in the coming time.
By Thai Binh/ Huyen Trang