Vietnam’s crude oil export hit 2 billion USD this year

In the past 11 months, Vietnam exported more than 1 million ton of crude oil worth nearly 610 million USD, down sharply by 51% in volume and 33.8% in value compared to the same period last year.

According to the latest data from the General Department of Customs, in the past 11 months, Vietnam exported 3.6 million tons of crude oil valued at 2 billion USD, down sharply by 42.4% in volume and 21.5% in value over the same period last year.

However, in terms of average prices, crude oil prices in the past 11 months increased dramatically. Specifically, crude oil export price of Vietnam reached an average of 566.4 USD/ton, sharply increased by 36.4%.

It is worth mentioning that after sudden growth in October, Vietnam's export turnover in November alone decreased, has dragged down the overall decline in the past 11 months.

On the export market, China is still the largest importer of crude oil in Vietnam. Although crude oil exports to China have fallen sharply by 51.4% and 33.8% less in volume over the same period last year, but crude oil exports to China still accounted for nearly 30% of the total volume and total export of crude oil of the whole country.

Specifically, crude oil exports to China in the past 11 months reached 1.07 million tons, equivalent to 609.71 million USD. Export price increased 36.2%, reaching 570.2 USD/ton.

The second largest market was Thailand with export volume of 854 thousand tons worth 491 million USD, decreased 7.8% in volume but increased 25.6% in turnover over the same period last year. The price of crude oil exported to Thailand also increased over 36%, reaching 575.4 USD/ton.

Vietnam’s third largest crude oil export market is Australia. This is also the market with the strongest growth in the few markets with positive growth. Accordingly, crude oil exports to Australia in 11 months reached 691 thousand tons, equivalent to 390 million USD, increased 33% in volume and 77% in value over the same period last year.

The remaining export of crude oil to other markets such as Japan, South Korea Singapore, America, Malaysia... all have decreased turnover. Particularly, exports of crude oil to Malaysia decreased by nearly 85% in volume and nearly 80% in value over the same period last year. Exports to Singapore also fell 75% in volume and 66% in value.

Source:http://vneconomy.vn