Crude oil exports increase, along with petroleum imports

The total value of Vietnam’s crude oil exports is estimated to have gone up by 15.7%, while petrol imports have risen by more than 50% in the first quarter.

According to the General Statistic Office (GSO)’s estimates, the country brought in USD1.55 billion from its oil exports of 1.96 million metric tonnes of crude oil in the first quarter of this year. These figures indicate a rise of 15.7% from the same period last year in value but a fall of 12.3% in volume.

In March, Vietnam is estimated to have shipped 624,000 metric tonnes of crude oil abroad, worth about USD520 million.

Between January and March, crude oil is Vietnam’s second largest foreign source of foreign currency, after apparel. Crude oil contributed 8.09% to the national exports during the period.

Meanwhile, the nation is estimated to have spent USD2.4 billion on importing 2.88 million metric tonnes of petroleum between January and March. The figures show an increase of 53.8% in volume and a rise of 12.7% in value, against the same period last year.

Petroleum imports in March are estimated to reach 950,000 metric tonnes valued at USD835 million.

Dung Quat oil refinery has suspended its operations for two to three weeks for equipment checks, adding to the petroleum shortage. – Dtinews

Tags: Crude oil exports