According to statistics from General Department of Customs, Vietnam's crude oil exports in February 2024 reached 315,531 tonnes with a value of more than 218.5 million USD, up 75.1% in volume and 77.7% in value compared to January 2024. This is a rare product with positive growth compared to previous month and has the strongest growth among all products.
In the first 2 months of 2024, Vietnam earned 336.2 million USD from crude oil exports with more than 492.1 tonnes, up 7.4% in volume and 7.2% in value over the same period. An average export price reached 683.2 USD/tonne, down 3.1% over the same period in 2023.
Regarding markets, in early 2024 there are only 3 export markets. Among them, Thailand is the largest market. Vietnam exported to Thailand 194,909 tonnes of crude oil in the first 2 months of the year, equivalent to more than 133.7 million USD, accounting for 39.6% of total exports. Export price reached 686 USD/tonne, down 2.8% over the same period in 2023.
The second and the third are Singapore and Australia, accounting for 23.7% and 22.7% of total exports, respectively.
Vietnam exported 116,797 tonnes of crude oil to Singapore in February 2024, earning more than 81.3 million USD, a sudden increase of 216% in volume and 204% in value compared to the same period in 2023. Export price reached 696.5 USD/tonne, down 3.7% over the same period in 2023. This is also the first month Singapore imported crude oil from Vietnam in the year.
Crude oil is one of Singapore's main imports. This country often buys crude oil from other markets to refine and resell it on the market. In 2023, Vietnam exports more than 30 products of all kinds to Singapore, reaching more than 4.3 billion USD, a slight increase compared to 2022.
Regarding Vietnam, our country has oil resources with reserves of about 7.2 billion barrels, ranked 22nd among countries with proven oil reserves in the world. Since 1986, the first crude oil stream was exploited at Bach Ho field. In April 1987, Vietnam began exporting crude oil. Currently, Vietnam is the leading country in Southeast Asia in terms of oil exports.
On the contrary, Vietnam still has to import a lot of crude oil to meet enough input for two domestic oil refineries, including Dung Quat and Nghi Son.
In the first 2 months of the year, our country imported 2.3 million tons of crude oil, equivalent to 1.36 billion USD, much higher than export level.

Source: Vitic/ congthuong.vn