Vietnam's steel exports reach US$10 billion for first time
Data published from the General Statistics Office shows that in the first 11 months of 2021, Vietnam's exports totaled $299.67 billion, increasing by 17.5% over the same period last year.
There were 34 items with export turnover of over $1 billion (accounting for 93.5% of total export turnover), 7 of which had turnover of over $10 billion (accounting for 66.4%).
In the past, Vietnam only exported six products which crossed the $10 billion in turnover, including mobile phones and components; electronics, computers, and components; other machinery, equipment, and tools; textile; footwear; wood and wood products.
This year, for the first time, steel exports reached $10.8 billion. This is also the type of goods with the highest growth rate in exports over the same period last year, with a 129.8% increase, while the average growth rate of other goods is 10-20%.
In the opposite direction, imports of steel increased sharply with a value of $10.48 billion of iron and steel and nearly $2.45 billion of scrap. After accounting for the import value of more than 4.8 billion USD of iron and steel products, Vietnam still has a trade deficit for this product.
With a record export growth rate in the first nine months of 2021, steel is forecast to soon join the 10-billion USD export club.