AsemconnectVietnam - According to the preliminary statistics figures of the General Department of Customs, Vietnam's petroleum exports in February of 2024 decreased by 4.4% in volume and 6.04% in turnover compared to the previous month, reaching 217,430 tonnes, worth of 181.4 million USD.

Overall, in the first 2 months of 2024, the country’s exports of petroleum reached 442,469 tonnes, worth of 372.9 million USD, up by 39.7% in volume and 29.4% in value.
Meanwhile, petroleum imports to Vietnam in February of 2024 increased by 0.06% in volume and 4.3% in turnover compared to the previous month, reaching 743,919 tonnes, worth of 617.03 million USD. In the first 2 months of 2024, the amount of imported petroleum reached 1,480,983 tonnes, worth of 1.2 billion USD, down by 19.8% in volume and 26.6% in value compared to the same period last year.
Vietnam's main petroleum export markets in the first 2 months of 2024
Cambodia was still Vietnam's largest petroleum export market. In the first 2 months of 2024, the country’s exports of petroleum to Cambodia reached 88,914 tonnes, worth of 76.2 million USD, down by 12.8% in volume and 19.09% in value compared with the same period last year, accounting for more than 20% of total export volume and turnover. In February of 2024 alone, the figure reached 45,186 tonnes, worth of 39.6 million USD, an increase of 3.1% in volume and an increase of 8.2% in value.
The next was the Chinese market, accounting for 9-10% of total volume and total turnover, reaching 42,230 tonnes, turnover of 40.2 million USD, an increase of 125.7% in volume and an increase of 113% in value. In February of 2024 alone, it reached 14,432 tonnes, worth of 13.5 million USD.
Petroleum exports to the South Korean market accounted for more than 9-10% of total volume and turnover, reaching 41,594 tonnes, the turnover reached 37.6 million USD, an increase of 43% in volume and an increase of 27.6% in value compared with the first 2 months of 2024. In February 2024 alone, the exports of petroleum decreased by 31.8% in volume and 3.04% in value.
Laos market followed, accounting for 6% of total volume and total turnover, reaching 27,468 tonnes, with the turnover of 22.5 million USD, an increase of 165.9% in volume and an increase of 141.4% in value. In February of 2024 alone, it reached 13,192 tonnes, worth of 11 million USD.
The next were the Singapore, Malaysia and Thailand markets, which only accounted for a small export proportion of less than 5% of total volume and total turnover.
Main petroleum import markets in the first 2 months of 2024
Vietnam imported the most petroleum from Malaysia in the first 2 months of 2024, accounting for more than 38-39% of total import volume and turnover, reaching 583,964 tonnes, worth of 457.2 million USD, increased by 80.2% in terms of volume and increased by 68.6% in turnover compared to the same period of 2023. Of which, in February of 2024 alone, the imports of petroleum from Malaysia decreased by 43.4% in volume and 41.5% in turnover compared to January of 2024, reaching 221,119 tonnes, worth of 168.5 million USD.
The next was the Singapore market, accounting for more than 23-24% of total import volume and turnover in the first 2 months of 2024, reaching 346,252 tonnes, worth of 294.02 million USD, down by 20.4% in volume and down by 24.1% in turnover. In February of 2024 alone, the country’s imports of petroleum from Singapore reached 243,010 tonnes, worth of 207.6 million USD, an increase of 134.3% in volume and 140% in value.
The South Korean market followed. In the first 2 months of 2024, the imports of petroleum from South Korea accounted for 21-22% of the total import volume and total turnover, down by 53.3% in volume and down by 58.3% in turnover, reaching 331,755 tonnes,, worth of 263.9 million USD. In February of 2024 alone, the imports from this market increased by 4% in volume and 7.1% in turnover.
The next was the Chinese market. In the first 2 months of 2024, the country’s imports of petroleum from China accounted for more than 11% of total import volume and turnover, down by 15.3% in volume and down by 21.2% in turnover, reaching 165,849 tonnes, worth of 142.3 million USD. In February of 2024 alone, the imports from China reached 116,196 tonnes, worth of 100.8 million USD, up by 107.5% in volume and 110.8% in value.
Petroleum imports from Thailand accounted for more than 2% of total volume and total turnover in the first 2 months of 2024, reaching 31,338 tonnes, worth of 26.5 million USD, down by 79.5% in volume and down by 80.9% in value.
CK
Source: VITIC