Saturday, December 14,2019 - 7:51 GMT+7  Việt Nam EngLish 

Imports of petroleum fell in first ten months 

 Monday, December 2,2019

AsemconnectVietnam - According to preliminary statistics figures of the General Department of Customs, Vietnam’s petroleum imports in the first 10 months of 2019 reached 8.01 million tons, valued at 4.88 billion USD, with the average price of 610.2 USD per ton, down by 19.8 per cent in volume, 27.6 per cent in turnover and 9.7 per cent in price over the same period of 2018.

Particularly, in October of 2019, the country’s imports of petroleum increased sharply by 78 per cent in both volume and turnover compared to September of 2019, reaching 1.06 million tons, equivalent to 640.25 million USD, the import price decreased slightly by 0.1 per cent, reaching 604, 9 USD per ton.
South Korea was leading in the list of the country’s major petroleum import markets with 2.05 million tons, valued at 1.33 million USD, with the average price of 650.3 USD per ton, accounting for 25.6 per cent of the total petroleum imports of the whole country and accounted for 27.2 per cent of the total turnover, down by 12.2 per cent in volume, 22.4 per cent in turnover and 11.7 per cent in price over the same period of 2018. Particularly in October of 2019, the imports of petroleum from South Korea increased sharply by 82.7 per cent in volume, 90.7 per cent in turnover and by 4.4 per cent in price compared to September of 2019, reaching 320,728 tons, equivalent to 205.58 million USD, with the price of 641 USD per ton.

Malaysia was the second largest market providing petroleum for Vietnam, with 2.18 million tons, valued at 1.29 million USD, with the average price of 591.6 USD per ton, accounting for 27 per cent of the total volume and total turnover, down by 23.9 per cent in volume, 28.9 per cent in turnover and 6.6 per cent in price over the same period of 2018
The imports of petroleumfrom Singapore in October of 2019 increased sharply by 262 per cent in volume, by 300.8 per cent in turnover and 10.7 per cent in price compared to September of 2019, reaching 307,679 tons, equivalent to 178.88 million USD, with the price of 581.4 USD per ton. However, in the first 10 months, the imports of petroleum from this market still dropped by 17 per cent in volume, by 26.6 per cent in turnover and by 11.5 per cent in price over the same period last year, reaching 1.83 million tons, worth of 1.05 billion USD, with the average price of 571.6 USD per ton, accounting for nearly 22.9 per cent of the total volume and accounting for 21.4 per cent of the total turnover.

The imports of petroleum from China in the first 10 months increased slightly by 1.9 per cent in volume, but decreased by 9.7 per cent in price, and 8 per cent in turnover, reaching 1.25 million tons, equivalent to 785.52 million USD, with the price of 628.1 USD per ton, accounted for 15.6 per cent of the total volume and accounted for 16.1 per cent of the total petroleum import turnover of the country.
In the first 10 months of this year, the most notable market was Hong Kong, although the import volume was very small at 563 tons, equivalent to 0.26 million USD, but compared to the same period last year, it increased sharply by 452 per cent in volume and increased by 325.7 per cent in turnover; However, the import price decreased by 22.9 per cent to reach 463.4 USD per ton.

In contrast, the imports of petroleum from the Russian market dropped the most sharply by 67.4 per cent in volume, by 27.4 per cent in price, and 76.3 per cent in turnover, reaching 21,819 tons, equivalent to 13.47 million USD, with the price of 617.4 USD per ton. The imports from Thailand also plummeted by 49.4 per cent in volume, 9.8 per cent in price, and 54.4 per cent in turnover, reaching 572,446 tons, equivalent to 355.44 million USD, with the price of 620.9 USD per ton.

Vietnam’s import markets of petroleum in October and the first ten months of 2019 – Source: the General Department of Customs
Market
First 10 months of 2019
+/- vs. same period of 2018 (%)
Volume
(ton)
Value
(USD)
Volume
Value
Total
8,005,321
4,884,521,699
-19.78
-27.59
South Korea
2,046,769
1,330,925,810
-12.16
-22.43
Malaysia
2,183,793
1,291,953,111
-23.85
-28.91
Singapore
1,832,717
1,047,649,722
-17
-26.58
China
1,250,700
785,524,365
1.93
-7.97
Thailand
572,446
355,438,312
-49.44
-54.39
Taiwan (CN)
22,905
14,851,773
 
 
Russia
21,819
13,470,330
-67.35
-76.29
Japan
14,935
8,672,342
 
 
Hong Kong (CN)
563
260,902
451.96
325.66
CK
Source: VITIC

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