Vietnam’s crude oil imports increase sharply by more than 1.5 million tonnes

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Vietnam’s crude oil import and export turnover and volume from January 1 to April 15, 2020. Chart by: T.B

According to the GDVC, from the beginning of the year to April 15, Vietnam imported 3,818,739 tonnes of crude oil with a turnover of over USD 1.66 billion. This figure increased sharply compared to 2019.

In the same period in 2019, Vietnam only imported 2,289,653tonnes, with a turnover of USD 1.028 billion

Thus, the volume of imported crude oil increased by more than 1.5 million tonnes, equivalent to 66.8% with a turnover of more than USD 600 million, equivalent to nearly 61.4%.

The growth rate of volume is higher than turnover, so the average import value this year is also lower than the same period in 2019.

Specifically, the average value is nearly USD 434.8/ton in 2020, while it was USD 449.3/ton in the same period in2019.

Vietnam mainly imports crude oil from Kuwaitwith avolume of 2,774,005 tonnes (updated by the end of the first quarter of 2020), and value of USD 1.273 billion.

From the beginning of the year to April 15, the country’s export volume reached 1,461,169tonnes, valued at nearly USD 581.5 million, increasing by 27.1% in volume and 0.6% in value.

In the same period of 2019, Vietnam’s export volume was 1,149,417 tonnes, valued at USD 578 million.

The average value of crude oil exports in early 2020 of Vietnam was approximately USD 398/ton, while it was nearly USD 503/ton in the same period in 2019.

The main export market of crude oil (updated by the end of the first quarter) from Asia are Malaysia with119, 597 tonnes, valued at USD 61.85 million; Japan with227,869 tonnes valued at more than USD 104 million; Thailand with366,103 tonnes, valued at nearly USD 168.6 million; and China with279,659 tonnes, valued at USD128.6 million.

In addition to the Asian markets, Australia is also a major export market of Vietnam's crude oil with volume of the first quarter of 2020 reaching 162,229 tonnes, valued at more than USD 77 million.