31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam’s steel imports from India soar 245% in 11 months
Hai Yen 14:31, 2019/12/25
Despite trade protection measures from the authority, Vietnam’s steel imports continue to surge.

India was the second largest exporter of steel products to Vietnam in the first 11 months of 2019 with 1.89 million tons, up a whopping 244.5% year-on-year, while imports from other major markets declined, according to data of the General Department of Vietnam Customs (GDVC).

China, Vietnam’s largest steel provider, exported 4.89 million tons to Vietnam during the period, down 15% year-on-year, while Japan remained at the third place with 1.88 million tons, down 9.2%.

In the January – November period, Vietnam imported a total of 13.36 million tons of steel worth US$8.79 billion, up 7.7% in volume and down 3.4% in value year-on-year, respectively. Meanwhile, the steel exports were estimated at US$3.86 billion, up 4.7% in volume but down 8.3% in value, causing a trade deficit of nearly US$5 billion to Vietnam’s steel sector.

Experts warned that Vietnam should be cautious about a surge in steel imports from India, as the latter is currently in the watchlist for trade protection measures from various countries.

Notably, despite trade protection measures from the Ministry of Industry and Trade (MoIT), Vietnam’s steel imports continue to surge. The MoIT previously decided to extend the validity of anti-dumping duties on cold-rolled stainless steel products originated from China, Indonesia, and Taiwan for another five years, starting from October 26.  

The market share of domestic steel companies witnessed a decrease during the 2018 - 2019 period and currently has shrunk to 42.8%, indicating the foreign companies are selling below their home market prices.

In early October, the MoIT also imposed anti-dumping duties on Chinese extruded aluminum bars at rates ranging from 2.49% to 35.58%, following complaints from local producers filed last October. 

A report from the Vietnam Steel Association suggested Vietnam’s steel industry has been at the center of trade probes from other countries following the escalation of the US-China trade war, particularly with growing cases of illegal transshipment of Chinese products via a third country to the US in an attempt to avoid the latter’s import tariffs.

Record high trade surplus in Jan-Nov

In the first 11 months of the year, the country’s external trade volume hit US$472.36 billion, up 7.3% compared to the same period of 2018. Upon breaking down, exports totaled US$241.65 billion, up 7.9% year-on-year, and imports reached US$230.71 billion, representing an increase of 6.6%.


This resulted in a trade surplus of a record high of US$10.94 billion in January – November.

In the January – November period, foreign-invested companies recorded a total import-export value of US$297.87 billion, up 3.2% year-on-year. This included $165.03 billion in exports, up 4.1% year-on-year, accounting for 68.3% of Vietnam’s export turnover. They spent US$132.84 billion on imports, up 2.1% and making up 57.6% of Vietnam's total imports.

Meanwhile, the domestic sector recorded a trade value of US$174.49 billion, or 36.9% of Vietnam’s total trade revenue, up 15.1% year-on-year.

 Data: GDVC. Chart: Hai Yen

Some of Vietnam’s major export staples in the eleven-month period included phones and parts with turnover of US$48.53 billion, up 5% year-on-year; computers and parts with US$32.4 billion, up 19.3%; textile with US$29.9 billion, up 7.8%; agricultural products with US$15.28 billion, down 6.7%; footwear with US$16.55 billion, up 12.9%, among others.

 Data: GDVC. Chart: Hai Yen 

The US remains Vietnam's largest export market. Exports to the US in the first eleven months reached US$55.61 billion, up 28% year-on-year and accounting for 23% of total exports. In contrast to the US, China’s market covers the largest portion of Vietnam’s imports. Imports from this market reached US$68.55 billion, an increase of 15% over the same period last year and making up 29.7% of the total imports.

RELATED NEWS
TAG: Vietnam steel imports India China US Japan trade protection measures illegal transshipment trade fraud trade surplus record high South Korea EU ASEAN
Other news
07:24, 2022/24/26
Embassy key to boosting the Vietnam-Philippines economic relations: National Assembly Chairman
National Assembly chairman Vuong Dinh Hue visited the Vietnamese Embassy in the Philippines during his tour of this country.
22:11, 2022/11/25
Vietnamese firm exports first electric cars to the US
VinFast, the car-making arm of Vietnam's private conglomerate Vingroup, today shipped 999 electric units to the US.
21:59, 2022/59/25
Hanoi Midnight Sale offers high discounts to attract consumers
"Hanoi Midnight Sale" and "From online to street vending" are trade promotion events running at Big C Thang Long supermarket since November 24.
14:55, 2022/55/25
Vietnam’s rice exports to beat records in 2022
Vietnam is on track to export 7.2-7.3 million tons of rice in 2022, the second-highest export volume in the country's history.
20:36, 2022/36/24
Vietnam, the Philippines eye $10 billion of trade turnovers in 2026
Bilateral trade turnovers between Vietnam and the Philippines are now worth $7 billion, and there is still room to grow.
18:06, 2022/06/24
Vietnam, Uganda expand cooperation to high-potential fields
This is the first visit by a Ugandan leader to Vietnam since the two countries established diplomatic relations in 1973.