Vietnam exported seven million tonnes of steel and iron worth a total of US$3.65 billion during the first nine months of the year, an increase of 44.4% in volume and 16% in turnover, despite suffering a drop of 19.7% in value from the same period last year.

Most notably, the average export price of iron and steel products reached US$522.2 per tonne.

According to figures released by the General Department of Vietnam Customs, the country’s iron and steel exports during September hit US$544.21 million, a monthly decline of 10.6% in volume and 5.8% in turnover.

Furthermore, the average export price stood at US$523.4 per tonne, a rise of 5.4% in comparison with the previous month.

China maintained its place as the largest importer of domestic iron and steel products, making up 28.5% of total turnover by importing 2.53 million tonnes worth US$1.04 billion.

In second were Cambodia, who imported a total of 1.18 million tonnes worth US$625.09 million, followed by Thailand with 0.53 million tonnes worth US$297.65 million.

Throughout the reviewed period, the nation also recorded significant growth in terms of exports to Brazil, Germany, and the Philippines.