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$22.85 million. Exports to Indonesia, Taiwan, and Belgium also showed significant declines of 42.92 percent, 30.60 percent, and 17.38 percent, respectively.
However, some markets showed positive growth. Exports to India and Cambodia increased by 94.45 percent and 3.80 percent, respectively. Exports to Spain, South Korea, and Singapore also showed growth, increasing by 24.79 percent, 53.19 percent, and 2519.64 percent, respectively.
See also: Can Vietnam Survive the Steel-Trade Wars?
Vietnam iron and steel exports, December 2024, US$
December | November | MoM | 2024 | |
Total | 530,875,421 | 597,054,070 | -11.08% | 9,080,015,519 |
Other | 71,069,081 | 104,441,027 | -31.95% | 1,486,168,108 |
Cambodia | 67,179,154 | 64,719,868 | 3.80% | 740,402,303 |
India | 56,489,100 | 29,050,882 | 94.45% | 697,894,754 |
Malaysia | 46,531,600 | 42,880,262 | 8.52% | 575,348,333 |
Italy | 37,353,464 | 30,943,795 | 20.71% | 808,810,887 |
Belgium | 32,437,879 | 39,260,284 | -17.38% | 609,193,039 |
Taiwan | 28,201,927 | 40,637,322 | -30.60% | 363,440,319 |
Turkey | 26,791,183 | 26,618,968 | 0.65% | 161,485,359 |
Indonesia | 25,196,227 | 44,145,494 | -42.92% | 410,348,440 |
Spain | 24,656,959 | 19,758,061 | 24.79% | 535,323,646 |
USA | 22,849,131 | 72,902,702 | -68.66% | 1,318,963,272 |
South Korea | 17,729,389 | 11,573,462 | 53.19% | 365,777,588 |
Australia | 16,208,254 | 17,176,579 | -5.64% | 197,565,928 |
Singapore | 16,142,313 | 616,204 | 2519.64% | 124,089,889 |
UK | 14,859,825 | 18,986,667 | -21.74% | 229,191,923 |
Thailand | 10,159,596 | 11,840,663 | -14.20% | 148,585,368 |
Poland | 4,946,859 | 11,563,787 | -57.22% | 76,479,303 |
Japan | 4,836,197 | 5,727,062 | -15.56% | 94,579,465 |
Laos | 4,441,231 | 2,197,271 | 102.12% | 31,233,053 |
Philippines | 1,549,859 | 988,126 | 56.85% | 94,589,740 |
China | 1,246,193 | 1,025,584 | 21.51% | 10,544,802 |
See also: How to Start an Export Business in Vietnam.