Posted on 25 Oct 2016
Việt Nam spent US$5.84 billion importing 13.92 million tonnes of steel and iron products in the first nine months of the year, the General Department of Customs’ statistics revealed.
The numbers were up 24.7 per cent and 2.3 per cent in volume and value, respectively, against the same period last year.
Imports from China were at 8.22 million tonnes, worth more than $3.25 billion, accounting for nearly 60 per cent of the total volume and 55.7 per cent of the total value. Import numbers from Japan and South Korea were 2.11 million tonnes and 1.33 million tonnes, worth $907 million and $722 million, respectively.
With this import value, iron and steel products was ranked fifth among the country’s 10 largest imported products in the first nine months of the year.
The Việt Nam Steel Association attributed the increase in steel imports to rising construction demand in the domestic market. Domestic steel sales surged 27.8 per cent year-on-year, the association reported.
