Vietnam’s imports of iron and steel dropped by 36.03 percent month-on-month in January to US$691.29 million, according to Vietnam’s General Department of Customs. This follows a decline from US$1.08 billion recorded in December.
Year-to-date, Vietnam’s total imports of iron and steel stood at US$691.29 million. China remained the largest supplier, contributing US$354.22 million, or 51.23 percent of the total. Japan followed with US$101.73 million, representing 14.71 percent, while Indonesia supplied US$96.17 million.
Among major suppliers, Belgium recorded the highest month-on-month growth, increasing 324.83 percent. Finland also saw an increase of 5.49 percent. In contrast, Austria experienced the steepest decline, with imports falling 91.45 percent. South Africa and Turkey also posted significant drops of 71.85 percent and 78.03 percent, respectively.
The industry continues to rely heavily on China, which accounted for over half of Vietnam’s iron and steel imports. Despite growth in Belgium and Finland, overall imports from most key suppliers fell, reflecting shifting trade patterns and demand changes.
See also: Can Vietnam Survive the Steel-Trade Wars?
Vietnam iron and steel imports, January, US$ millions