Petroleum exports to Singapore skyrocket in five months

VOV.VN - Vietnam shipped more than 71,000 tons of oil and petroleum to Singapore during the first five months of 2019, increasing by 8.6 times per annum, according to Vietnam Customs.

petroleum exports to singapore skyrocket in five months hinh 0
Illustrative photo. (Source: Internet)

Vietnam Economic Times cited statistics from the General Department of Vietnam Customs as saying that the country raked in US$901 million from the export of 1.45 million tons of oil and petroleum in the five-month period, a year on year surge of 14 per cent in both volume and value.

May alone saw more than 311,000 tons of oil and petroleum shipped abroad, bringing home a combined US$191 million. These figures increased by 1.9 per cent in volume and 2.3 per cent in value against April. The price of oil and petroleum exports reached US$613.9 per ton in May, a slight rise of 0.4 per cent against April yet a drop of 9.1 per cent on year.

Cambodia was the largest importer of Vietnamese oil and petroleum during the first five months of this year, accounting for 23.4 per cent of the total exports and 22.8 per cent of the total value.

The neighboring country purchased 340,757 tons of oil and petroleum, totally valued at US$205.74 million, surging by 8.9 per cent in volume and 1.4 per cent in value. It was followed by China with the import of 228,000 tons worth US$155 million in total, soaring by 20 per cent in both volume and value per annum.

Most notably, oil and petroleum exports to Singapore made headlines after hitting peaks of 71,124 tons in volume and US$29.98 million in value during the five-month period, a huge jump of 861 per cent and 865 per cent, respectively.

Meanwhile, oil and petroleum shipments to Indonesia saw a downward trajectory, halving in both volume and value to 271 tons and US$0.16 million.