Sharp decline in crude oil exports

VOV.VN - Vietnam exported 1.88 million tons of crude oil worth US$1.05 billion during the first half of this year, down 50.9% in volume and 31.4% in value against the corresponding period of last year, according to the General Department of Vietnam Customs.

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The average export price increased 39.7% to US$556.5 per ton.

China was the largest importer of Vietnam’s crude oil, making up 26% of Vietnam’s total exports with 489,802 tons or US$272.07 million, down 63.9% in volume and 50.5% in value compared to the same period last year.

Thailand came second, consuming 375,016 tons worth US$213.1 million, down 30% in volume and 2% in value. They were trailed by Australia with 340,258 tons valued at US$191.02 million, up 13.7% in volume and 60.7% in value.

In general, exports of crude oil to most markets declined in both volume and value compared to the same period last year. Exports to Singapore suffered the most, dropping 73% in volume and 63% in value.

However, exports to the US saw a sudden spike in growth, jumping 294.2% in volume to 132,671 tons and 382% in value to US$68.42 million.


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