AsemconnectVietnam - According to the statistics figures of the General Department of Customs, in the first two months of this year, Vietnam’s exports of petroleum increased sharply, but the imports of petroleum decreased, both in volume and in value compared with the same period last year.

In the period, the country exported 563,137 tons of petroleum worth of 342.83 million USD and imported 500,614 tons of petroleum worth of 291.75 million USD.

Vietnam’s exports of petroleum totaled 342.83 million USD in first two months
According to the statistics figures of the General Department of Customs, Vietnam's petroleum exports in the first 2 months of 2019 increased strongly by 75.3 per cent in volume, 79.7 per cent in turnover and 2.5 per cent in price over the same period last year with 563,137 tons, equivalent to 342.83 million USD, priced at 608.8 USD per ton.
In February 2019 alone, the country’s exports of petroleum reached 208,661 tons, equivalent to 126.21 million USD, decreased by 11.4 per cent in volume and 3 per cent in turnover compared to the previous month.

Major export market of petroleum in first 2 months
Vietnam’s exports of petroleum to Cambodia reached 142,884 tons, equivalent to 79.73 million USD, accounting for 25.4 per cent of the total volume and accounted for 23.3 per cent of the total petroleum export turnover of the whole country, up by 45.2 per cent in volume and 31.2 per cent in turnover compared to the first 2 months of 2018. However, the export price dropped by 9.6 per cent to 558 USD per ton.
China ranked second with 127,427 tons, equivalent to 78.74 million USD, accounting for 22.6 per cent of the total volume and 23 per cent of the total turnover, up by 27.9 per cent volume and 25.8 per cent increase in turnover; the export prices fell slightly by 1.6 per cent to 617.9 USD per ton.

The exports to saw a very strong increase of 202.6 per cent in volume and 126.7 per cent in turnover over the same period last year, although the volume reached only 39,158 tons, equivalent to 21.46 million USD, however, the prices plummeted by 25 per cent reaching 548 USD per ton.
Exports to Singapore increased sharply by 206.34 per cent in volumeand 264.6 per cent in turnover; and 19 per cent in price, reaching 18,367 tons, equivalent to 8.33 million USD with the price of 453.8 USD per ton.
In contrast, exports to Thailand market fell sharply by over 99% in both volume and turnover, but prices increased by 18.6%, reaching 99 tons, equivalent to USD 0.06 million, priced at 614.7 USD per ton.

Vietnam’s imports of petroleum totaled nearly 292 million USD in 2 months
In the first two months of 2019, the amount of petroleum imported into Vietnam decreased by 47.7 per cent in volume and by 53.1 per cent in value compared to the same period last year.
According to preliminary statistics figures of the General Department of Customs, in February 2019, the whole country imported 500,614 tons of petroleum, worth of 291.75 million USD, down by 22.2 per cent in volume and 17.5 per cent in turnover compared to January 2019; the figure decreased by 52.3 per cent in volume and 55.9 per cent in turnover compared with the same period in 2018.
In the first 2 months of 2019, petroleum imports into Vietnam decreased by 47.7 per cent in volume and 53.1 per cent in turnover over the same period last year, reaching 1.15 million tons, equivalent to 655, 35 million USD. The average import price was 567.6 USD per ton, down by 10.4 per cent.

Leading import markets of petroleum in first 2 months
Malaysia was leading the list of petroleum import markets in the period with 315,076 tons, worth of 166.25 million USD, accounting for 27.3 per cent of the total imported petroleum volume of the whole country and for 25.4 per cent of the total turnover, dropping sharply by 55.2 per cent in volume and 60 per cent in turnover over the same period last year. The price of petroleum imported from this market also decreased by 10.7 per cent, reaching an average of 527.7 USD per ton.

Meanwhile, the imports from Singapore market - the second largest market also decreased by 20.3 per cent in volume and 26.5 per cent in turnover over the same period last year, reaching 310,263 tons, worth of 173.07 million USD, accounting for over 26 per cent in the total volume and total turnover of the whole country. The import price fell by 7.8 per cent, reaching an average of 557.8 USD per ton.
The imports of petroleum from the Chinese market increased by 4.7 per cent in volume, reached 222,544 tons, but decreased by 8.2 per cent in price, reaching an average of 602.4 USD per ton, and the turnover also decreased by 3.8 per cent, reached 134.06 million USD, accounting for 19.3 per cent of the total volume and accounted for 20.5 per cent of the total turnover.
The imports from Korea decreased in price, quantity and turnover, with the corresponding decrease of 13.3 per cent, 73.5 per cent and 77.1 per cent with 164,718 tons, worth of 96.51 million USD, and the average price of 585.9 USD per ton.
CK
Source: VITIC