AsemconnectVietnam - Vietnam’s exports of crude oil fell sharply while the imports of petroleum fell slightly in quantity and up in value year – on – year in the first ten months of this year.

Exports of crude oil down nearly 45% in ten months
Vietnam’s exports of crude oil reached 3.27 million tons worth of US$1.87 billion in the first ten months of this year, fell sharply by 44.6 per cent in quantity and 22.6 per cent in value compared with the same period last year, according to the figures of the General Department of Customs.

However, in October, the country’s exports of crude oil increased by 40 per cent in quantity and 42.3 per cent in value compared with the previous month to 351,056 tons worth of $217.65 million. The figure was down by 24.8 per cent in quantity but up by 6 per cent in value.

The crude oil export price in October increased by 1.7 per cent compared with the previous month and by 41 per cent over the same month of last year to $620 per ton. In the first ten months of this year, the average crude oil export price reached $573.1 per ton, up by 39.7 per cent year – on – year.
In the first ten months of this year, Vietnam’s exports of crude oil to China decreased sharply by 52.4 per cent in quantity and 33.6 per cent in value compared with the same period last year to 947,207 tons worth of $543.96 million, accounted for 29 per cent of the total.

Meanwhile, the exports of crude oil to Thailand in the first ten months of this year fell by 0.3 per cent in quantity but up by 39.7 per cent in value year – on – year to 805,601 tons worth of $469.29 million, accounted for 25 per cent of the total; to Australia – up by 29.3 per cent in quantity and 77.4 per cent in value to 625,107 tons worth of $359.79 million, accounted for over 19 per cent of the total.

However, in the period, the country’s exports of crude oil to Japan decreased by 65.8 per cent in quantity and 52.7 per cent in value to 265,676 tons worth of $151.36 million; to the U.S – down by 32.5 per cent in quantity and 12.4 per cent in value to 132,671 tons worth of $68.42 million; to Singapore – down by 77 per cent in quantity and 69 per cent in value to 135,244 tons worth of $72.49 million.

Vietnam imported petroleum totaled $6.75 billion
Vietnam’s imports of petroleum reached 9.98 million tons worth of US$6.75 billion in the first ten months of this year, down by 5.4 per cent in quantity but up by 14.4 per cent in value over the same period of 2017, according to the preliminary statistics figures of the General Department of Customs.

In October only, the country imported 663,776 tons of petroleum worth of $489.29 million, down by 5.2 per cent in quantity and 2.6 per cent in value compared with the previous month. The figure was down by 37 per cent in quantity and 19 per cent in value compared with the same month of 2017.
The average petroleum import price in the first ten months of this year was up by 26.8 per cent year – on – year to $676 per ton.

Malaysia was the country’s leading petroleum import market in the first ten months of this year with 2.87 million tons worth of $1.82 billion, up by over 36.2 per cent in quantity and 86 per cent in value over the same period last year.

South Korea ranked second with 2.33 million tons worth of $1.72 billion down by 3.1 per cent in quantity and up by 15.5 per cent in value over the same period last year.
The imports of petroleum from Singapore reached 2.21 million tons worth of $1.43 billion, down by 40.5 per cent in quantity and 21.6 per cent in value over the same period last year.

Besides, the imports of petroleum from China reached 1.23 million tons worth of $853.57 million, up by 51.8 per cent in quantity and 105 per cent in value year – on – year; from Thailand – 1.13 million tons worth of $779.24 million, down by 19.5 per cent in quantity but up by 7.3 per cent in value; from Russia – up by 128.3 per cent in quantity and 233.2 per cent in value to 66,820 tons worth of $56.82 million; from Hong Kong – 102 tons worth of $61,294.
CK
Source: VITIC