8.49 billion USD spent on importing iron and steel after the first 10 months of 2023

Iron and steel imports in August 2023 reached their highest level since March 2023. For the first nine months of the year, which markets did Vietnam import iron and steel from?

According to preliminary statistics from the General Department of Customs, in the first 10 months of 2023, the whole country imported nearly 10.61 million tons of iron and steel, worth over 8.49 billion USD, with an average price of 800.4 USD/ton, an increase of 8.6% in volume, but a decrease of 17.6% in value and a decrease of 24.1% in price compared to the first 10 months of 2022.

In October 2023 alone, Vietnam imported 1.28 million tons of iron and steel, equivalent to nearly $957.43 million, with an average price of $748.5 per ton, a decrease of 8.9% in volume and 3.9% in value, but an increase of 5.5% in price compared to September 2023.


$8.49 billion was spent on iron and steel imports in the first 10 months of 2023.

8,49 tỷ USD được chi để nhập khẩu sắt thép sau 10 tháng đầu năm 2023

$8.49 billion was spent on iron and steel imports in the first 10 months of 2023.

Previously, in 2022, Vietnam had a trade deficit in iron and steel of $3.93 billion. Thus, after the first trade surplus in 2021, Vietnam returned to a trade deficit in 2022 and 2023.

The largest source of imported iron and steel in Vietnam is China, with 6.37 million tons, equivalent to over $4.44 billion, at a price of $698.2/ton, representing a 47.8% increase in volume, a 3% increase in value, but a 30.4% decrease in price compared to the first 10 months of 2022; accounting for 60% of the total volume and 52.3% of the total value of iron and steel imports nationwide.

Following the main market of China, the Japanese market reached 1.62 million tons, equivalent to 1.24 billion USD, with an import price of 761.2 USD/ton, an increase of 6.3% in volume but a decrease of 18.1% in value and a decrease of 23% in price compared to the first 10 months of 2022, accounting for 15.3% of the total volume and 14.6% of the total value.

Next is the Indonesian market, reaching 547,213 tons, worth 936 million USD, at a price of 1,710.5 USD/ton, an increase of 18.9% in volume, but a slight decrease of 0.3% in value and a decrease of 16.1% in price compared to the first 10 months of 2022, accounting for 5.2% of the total volume and 11% of the total value of iron and steel imports nationwide.

Overall, iron and steel imports from most markets in the first 10 months of 2023 decreased compared to the same period in 2022.

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