Wednesday, May 22,2019 - 12:35 GMT+7  Việt Nam EngLish 

Crude oil exports increased in first quarter 

 Friday, April 19,2019

AsemconnectVietnam - According to the preliminary statistics figures from the General Department of Customs, Vietnam’s crude oil exports in February 2019 were down by 52.3 per cent in volume and 50.4 per cent in turnover compared to January of 2019.

However, in March of 2019, it increased dramatically by 78.6 per cent in volume and by 89.5 per cent in turnover compared to February of 2019, reaching 414,712 tons, equivalent to 212.43 million USD.

In the first quarter of 2019, Vietnam’s crude oil exports reached 1.14 million tons, equivalent to 563.9 million USD, up by 15 per cent in volume and 8.3 per cent in turnover over the first quarter of 2018.

The average crude oil export price in March of 2019 was at 512.2 USD per ton, up by 6.2 per cent compared to February of 2019 but down by 1.2 per cent compared to the same month of 2018. In the first quarter of 2019, the average crude oil export price reached 494.7 USD per ton, down by 5.8 per cent over the same period last year.
China was still the largest consumer market of Vietnam's crude oil products, accounting for 46 per cent of the total volume and total crude oil export turnover of the country, with 523,241 tons, equivalent to 257.32 million USD, increased sharply by 118.8 per cent in volume and 102.2 per cent in turnover. However, the export price fell by 7.6 per cent to 491.8 per ton. In March of 2019 alone, the exports of crude oil to China increased 100 per cent in volume and 105.2 per cent in turnover, reaching 236,937 tons, equivalent to 119.96 million USD.

The export of crude oil to Thailand market - the second largest market accounted for 28 per cent of the total volume and total turnover, reaching 317,428 tons, equivalent to 160.66 million USD, up by 71.5 per cent in volume and 62.2 per cent in turnover; and the export price fell by 5.4 per cent to 506 USD  per ton.
Meanwhile, the export of crude oil to Malaysia market still achieved the strongest increase of 178.2 per cent in volume and 151.7 per cent in turnover over the same period last year, reaching 125,080 tons, equivalent to 60.69 million USD, accounting for nearly 11 per cent in the total volume and total crude oil export turnover of the whole country. Although the volume and turnover increased strongly, the export price of crude oil to Malaysia still decreased by 9.5 per cent over the same period last year, reaching an average of 485.2 USD  per ton.

The exports of crude oil to the Japanese market in the first quarter of 2019 declined both in price, quantity and turnover by 7.3 per cent, 7.1 per cent and 13.9 per cent, respectively over the same period last year, reaching 90,425 tons, equivalent to 43.03 million USD, and the price of 475.9 USD per ton, accounting for nearly 8 per cent of the total volume and total crude oil export turnover of the whole country.

The exports of crude oil to Singapore increased by 5.4 per cent in price, reached 524.4 USD per ton, but still fell sharply by 42.8 per cent in volume, reached 38,367 tons and decreased 39.8% in turnover, reaching 20.12 million USD.
In contrast, the total crude oil imports into Vietnam in the first quarter of 2019 surged 13.1 times in volume and 21.6 times in value compared to the first quarter of 2018, reaching 2.1 million tons, equivalent to 901.91 million USD. The import prices increased by 64.4 per cent to 429.8 USD  per ton.

Vietnam’s exports of crude oil in the first quarter of
2019 – Source: The General Department of Customs
 
Market
March of 2019
First quarter of 2019
+/- Vs. same period of 2019 (%)
Volume (ton)
Value (USD)
Volume
(ton)
Value (USD)
Volume
Value
Total
414,712
212,429,254
1,139,979
563,902,247
14.98
8.29
China
236,837
119,958,332
523,241
257,319,681
118.83
102.19
Thailand
75,897
41,388,153
317,428
160,660,355
71.49
62.17
Malaysia
32,894
16,482,123
125,080
60,686,827
178.24
151.71
Japan
45,692
22,656,342
90,425
43,033,737
-7.13
-13.93
Singapore
 
 
38,367
20,119,033
-42.81
-39.75
CK
Source: VITIC

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