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Vietnam’s iron and steel exports decline by 11.08 percent in December

Vietnam’s exports of iron and steel decreased by 11.08 percent in December compared to November, reaching US$530.88 million, according to data from Vietnam’s General Department of Customs.

Vietnam’s iron and steel exports total US$9.08 billion for 2024, reflecting strong demand despite the month-on-month decline.

The decrease in exports was primarily driven by a sharp decline in shipments to the USA, which saw a 68.66 percent drop, amounting to US$22.85 million. Exports to Indonesia, Taiwan, and Belgium also showed significant declines of 42.92 percent, 30.60 percent, and 17.38 percent, respectively.

However, some markets showed positive growth. Exports to India and Cambodia increased by 94.45 percent and 3.80 percent, respectively. Exports to Spain, South Korea, and Singapore also showed growth, increasing by 24.79 percent, 53.19 percent, and 2519.64 percent, respectively.

See also: Can Vietnam Survive the Steel-Trade Wars?

Vietnam iron and steel exports, December 2024, US$

DecemberNovemberMoM2024
Total530,875,421597,054,070-11.08%9,080,015,519
Other71,069,081104,441,027-31.95%1,486,168,108
Cambodia67,179,15464,719,8683.80%740,402,303
India56,489,10029,050,88294.45%697,894,754
Malaysia46,531,60042,880,2628.52%575,348,333
Italy37,353,46430,943,79520.71%808,810,887
Belgium32,437,87939,260,284-17.38%609,193,039
Taiwan28,201,92740,637,322-30.60%363,440,319
Turkey26,791,18326,618,9680.65%161,485,359
Indonesia25,196,22744,145,494-42.92%410,348,440
Spain24,656,95919,758,06124.79%535,323,646
USA22,849,13172,902,702-68.66%1,318,963,272
South Korea17,729,38911,573,46253.19%365,777,588
Australia16,208,25417,176,579-5.64%197,565,928
Singapore16,142,313616,2042519.64%124,089,889
UK14,859,82518,986,667-21.74%229,191,923
Thailand10,159,59611,840,663-14.20%148,585,368
Poland4,946,85911,563,787-57.22%76,479,303
Japan4,836,1975,727,062-15.56%94,579,465
Laos4,441,2312,197,271102.12%31,233,053
Philippines1,549,859988,12656.85%94,589,740
China1,246,1931,025,58421.51%10,544,802

See also: How to Start an Export Business in Vietnam.

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