Vietnam’s exports of iron and steel products declined by 13.25 percent month-on-month in January, reaching US$438.99 million, according to Vietnam’s General Department of Customs.
The US remained the largest market, accounting for 26.75 percent of total exports at US$117.43 million, a 29.38 percent decrease from December. Taiwan followed with US$55.41 million, representing 12.62 percent of total exports, increasing slightly by 1.89 percent. Japan ranked third with US$49.58 million, making up 11.29 percent of total exports, down 6.01 percent.
Compared to December, Lithuania recorded the highest growth, surging by 7,185.24 percent to US$9.75 million. Norway and Switzerland also saw significant increases, rising by 575.58 percent and 176.86 percent, respectively. Meanwhile, exports to Brazil and Myanmar declined sharply, falling by 84.04 percent and 83.19 percent, respectively.
The top five markets—the US, Taiwan, Japan, Germany, and Australia—accounted for 61.95 percent of Vietnam’s total iron and steel product exports in January. Despite growth in select smaller markets, overall exports declined due to weaker demand from major buyers.
See also: Can Vietnam Survive the Steel-Trade Wars?
Vietnam’s iron and steel product exports, January, US$ millions
| January | December | MoM | YTD | % of Total | |
| Total | 438.99 | 506.05 | -13.25% | 438.99 | 100.00% |
| Other | 27.12 | 36.02 | -24.71% | 27.12 | 6.18% |
| USA | 117.43 | 166.29 | -29.38% | 117.43 | 26.75% |
| Taiwan | 55.41 | 54.38 | 1.89% | 55.41 | 12.62% |
| Japan | 49.58 | 52.75 | -6.01% | 49.58 | 11.29% |
| Germany | 27.51 | 12.90 | 113.18% | 27.51 | 6.27% |
| Australia | 21.42 | 15.93 | 34.45% | 21.42 | 4.88% |
| South Korea | 14.45 | 20.24 | -28.61% | 14.45 | 3.29% |
| Cambodia | 14.36 | 13.78 | 4.19% | 14.36 | 3.27% |
| Thailand | 10.82 | 10.26 | 5.47% | 10.82 | 2.47% |
| Lithuania | 9.75 | 0.13 | 7185.24% | 9.75 | 2.22% |
| Canada | 8.95 | 10.27 | -12.85% | 8.95 | 2.04% |
| Sweden | 6.90 | 8.86 | -22.15% | 6.90 | 1.57% |
| Philippines | 6.89 | 9.49 | -27.42% | 6.89 | 1.57% |
| Netherlands | 6.37 | 11.74 | -45.74% | 6.37 | 1.45% |
| India | 6.10 | 10.03 | -39.25% | 6.10 | 1.39% |
| Poland | 5.62 | 6.52 | -13.77% | 5.62 | 1.28% |
| China | 5.49 | 6.77 | -18.97% | 5.49 | 1.25% |
| Laos | 4.92 | 5.52 | -10.83% | 4.92 | 1.12% |
| Singapore | 4.03 | 2.90 | 38.70% | 4.03 | 0.92% |
| Belgium | 3.90 | 5.45 | -28.36% | 3.90 | 0.89% |
| UAE | 3.65 | 3.92 | -6.86% | 3.65 | 0.83% |
| Malaysia | 3.37 | 6.36 | -46.97% | 3.37 | 0.77% |
| Italy | 3.36 | 5.12 | -34.36% | 3.36 | 0.76% |
| Denmark | 3.09 | 3.53 | -12.65% | 3.09 | 0.70% |
| Indonesia | 2.92 | 3.54 | -17.41% | 2.92 | 0.67% |
| Spain | 2.39 | 2.14 | 11.60% | 2.39 | 0.55% |
| UK | 2.19 | 2.62 | -16.21% | 2.19 | 0.50% |
| Saudi Arabia | 2.11 | 1.69 | 24.95% | 2.11 | 0.48% |
| France | 1.84 | 1.46 | 26.40% | 1.84 | 0.42% |
| Brazil | 1.15 | 7.23 | -84.04% | 1.15 | 0.26% |
| Hong Kong | 1.14 | 1.68 | -31.87% | 1.14 | 0.26% |
| Switzerland | 0.93 | 0.34 | 176.86% | 0.93 | 0.21% |
| Finland | 0.88 | 1.23 | -28.91% | 0.88 | 0.20% |
| Romania | 0.82 | 0.49 | 68.59% | 0.82 | 0.19% |
| South Africa | 0.53 | 0.37 | 41.16% | 0.53 | 0.12% |
| Greece | 0.48 | 1.51 | -68.13% | 0.48 | 0.11% |
| Norway | 0.31 | 0.05 | 575.58% | 0.31 | 0.07% |
| Myanmar | 0.28 | 1.68 | -83.19% | 0.28 | 0.06% |
| Argentina | 0.28 | 0.16 | 70.82% | 0.28 | 0.06% |
| Czech Republic | 0.12 | 0.59 | -79.31% | 0.12 | 0.03% |
| Kuwait | 0.08 | 0.00 | #DIV/0! | 0.08 | 0.02% |
| Pakistan | 0.04 | 0.09 | -52.68% | 0.04 | 0.01% |
Brunei Darussalam | 0.02 | 0.03 | -36.41% | 0.02 | 0.00% |