Vietnam's steel industry trade deficit was USD800 million in the first quarter of this year 

The trade deficit of Vietnam's steel industry in the first quarter of this year was US$800 million. Vietnam Steel Corporation (VSA) has released a report on the state of Vietnam's steel market in the first quarter of this year. The report said that GDP growth in the first quarter of this year exceeded 5%, indicating that the economy is recovering and the efforts of the entire political system to promote economic development are effective. This year, steel production and trade have achieved good results, of which the output of finished steel was 8.456 million tons, a year-on-year increase of 3.2%. The sales volume of finished steel was 8.137 million tons, a year-on-year increase of 11.9%. In March this year, Vietnam imported 1.1 million tons of finished steel products, a year-on-year increase of 23%; the import value reached 1.14 billion US dollars, a year-on-year increase of 22.36%. In the first quarter of this year, Vietnam imported about 3 million tons of various finished steel products, a decrease of 18.04%; the import value exceeded US$3.1 billion, an increase of 18.84%. In terms of exports, steel exports rebounded strongly. Only in March, exports reached 956,000 tons, a month-on-month increase of 75.41%, but a year-on-year decrease of 22.8%. The export value was 908.63 million US dollars, an increase of 71.87% month-on-month and a year-on-year increase of 1.05%. Overall, in the first quarter of this year, Vietnam exported about 2.275 million tons of steel, a year-on-year decrease of 22.15%; the export value was 2.3 billion US dollars, a year-on-year increase of 12.5%. The trade deficit of Vietnam's steel industry in the first quarter of this year was US$800 million. The main export markets for Vietnamese steel in the first quarter of this year were ASEAN (40.57%), the EU (19.32%), the United States (8.34%), South Korea (6.97%) and Hong Kong (3.91%) ).