Yes, you have small leaks causing rust. See how the rust practically flows like water in this picture?
Overall, galvanized pipe should be avoided nowadays as there are much better options such as pex. Ever seen the inside of an in-use galvanized pipe? It looks exactly like what your seeing on the outside.
I would not try tightening it further as you will introduce new problems. You can leave it be if the leaks aren't pooling anywhere or get things re-piped with plumbing that doesn't have this issue.
You can try galvanized steel again but just make sure all the connections are properly sealed with tape or dope and are screwed on tight enough.