China makes up nearly 40pct of Vietnam’s steel imports despite tighter trade measures

27-Nov-2019 Intellasia | HanoiTimes | 6:02 AM Print This Post

The neighbouring country remained Vietnam’s leading supplier of steel over the last three years, with the quantity and value growing at two-digit growth rates annually.

Despite tighter trade protection measures against trade fraud activities, Vietnam imported 12.24 million tonnes of steel worth over $8.1 billion in the first ten months of 2019, up 7 percent year-on-year in quantity and down 3.1 percent in value, in which China continues to be Vietnam’s largest steel exporter representing around 37 percent of Vietnam’s total steel imports, according to the general Department of Vietnam Customs (GDVC).

During the January October period, Vietnam spent $2.95 billion importing 4.64 million tonnes of steel from China, down 12.7 percent in quantity and 22.9 percent in value year-on-year. The neighbouring country remained Vietnam’s leading supplier of steel over the last three years, with the quantity and value growing at two-digit growth rates annually.

Japan came in second place with 1.72 million tonnes worth $1.14 billion, down 7.9 percent in quantity and 13.7 percent in value year-on-year, while India claimed the third position with 1.54 million tonnes worth $798 million, up 189.8 percent in quantity and 133.5 percent in value.

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 20182019 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 percent 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 centre 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.

https://vietnamnet.vn/en/business/china-makes-up-nearly-40-of-vietnam-s-steel-imports-despite-tighter-trade-measures-591672.html

 


Category: Economy, Vietnam

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